Printing and publishing group Caxton, which has been restructuring its business in the face of falling newspaper and magazine sales, returned to annual profit as cost cuts offset weak advertising demand.

On Monday the publisher of the once iconic Bona magazine, which has shut down, said headline earnings per share — which strip out the effects of one-off financial events — came in at 75.4c from the previous year’s 21.2c loss. But revenue fell 6.3% to R5.2bn, reflecting weak advertising demand in the newspaper publishing industry. ..

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