In this report we look at one of the subsectors of UK media - regional newspapers - to see whether these companies would be relatively resilient in a downturn - this is the product of our review. The main points are as follows:
Our rationale is simple. This year has been profoundly affected by the impact of high levels of inventory in the early months of the year. This stock has now been disposed of, and handset shipments from manufacturers will revert to a level more aligned with retail demand. This will push up shipments next year from this year's artificially depressed level.