Johnston Press shares rise on pension deficit cut news
Shares in publisher Johnston Press rose by more than 10% on Wednesday after it said it expected a major reduction in its pension scheme deficit.
Johnston said the findings of a study into the fund's liabilities should see the current £90m deficit cut by £50m. It also stated that a change to the scheme rules meant it could participate in any surplus when the scheme closes. Johnston added: "These adjustments, taken together, reduce the scheme deficit by some £53m." At 11:30 on Wednesday, Johnston's share price was up by 13% at 41.25p. The Edinburgh-based group, whose titles include The Scotsman and the Yorkshire Post, plans to announce full details of the study when it presents its preliminary annual results in late March. Johnston Press recently revealed plans to cut editorial jobs across its operations in the UK as part of a bid to reduce costs following a decline in revenue.