3 May 2013

APN still facing weak advertising markets

8:02 pm on 3 May 2013

APN News and Media, which publishes The New Zealand Herald, says it faces the same weak advertising markets and ongoing cost cutting as it experienced in 2012.

Chairman Peter Cosgrove told the company's annual meeting in Sydney that APN is vigorously re-engineering its publishing businesses in both New Zealand and Australia.

This includes ensuring APN's digital businesses interact more closely with its newspaper and magazine businesses and the creation of new products.

It also includes extensive cost cutting - the company cut $25 million of costs in 2012 and expects to make cuts of the same dimension this year.

Mr Cosgrove said APN was expecting to reduce net debt by $A40 - $A50 million in 2013 through cash generation, management of its cost base and some asset sales.