L'Espresso closed 2012 with a drop in net profit of 64% to 21,8 million and revenues down by 8,7% to 812,7 million. The group has decided not to distribute the dividend and allocate the profit to reserves.
The first two months of 2013, underlines a note, "does not show any signs of improvement: the trends regarding advertising sales and circulation are in line with those recorded in the last quarter of 2012".
In the absence of an economic and market trend reversal, which the same group deems unlikely, "the deterioration of results is destined to persist in 2013". To deal with the difficult situation, L'Espresso announces cost reduction actions that are "more incisive than those currently in place". Immediately after the publication of the results, the share accelerated its descent and around 15,15 pm it dropped around 2%.
