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Mecom profit falls on lower advertising revenue
July 25, 2012 / 7:04 AM / in 5 years

Mecom profit falls on lower advertising revenue

July 25 (Reuters) - European publishing group Mecom Plc said profit for the first half of the year fell about 42 percent on lower advertising revenue.

The company, which owns over 250 printed titles and over 200 websites, said pretax profit fell to 11.2 million euros ($13.54 million) for January-June, excluding certain items, from 19.2 million euros a year earlier.

Mecom said revenue fell 8 percent to 492 million euros. Advertising revenue fell 15 percent to 203.1 million euros after adjustment for closed titles.

Earlier this month, the company said it would conduct a strategic review of its business, including potential asset disposals, and Chief Executive Tom Toumazis would step down in September.

Shares of the company closed at 65.25 pence on the London Stock Exchange on Tuesday.

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