25 November 2010

The trading statement issued in October confirmed the solid progress that the group is making and, although revenues fell by 1% in the three months to 30 September, costs fell by 4%.  Net debt continues to fall and the group aims to develop new revenue streams outside traditional print publishing.  The recent share price weakness in the media group Mecom has left the shares looking undervalued.  We have raised our share price target to 365p.