Make mine half a shandy - for now

There is much excitement today with signs that newspapers' fortunes are turning the corner, mainly as a result of Gannett (owners of Newsquest) recording a massive 51% leap in profits for the first quarter. The Business Wire pulls no punches in its interpretation of what this means: Newspapers Rejoice! Gannett Smashes The Street With Profits Up 51%. Wow! Editor & Publisher is more considered but also very positive. More Evidence of Newspaper Turnaround: Gannett Doubles Q1 Profit as Revenue Decline Moderates. It is certainly better than expected and hopefully will ease some of the pressure on our colleagues in Darlington, Brighton, York, Bradford et al. But it is perhaps too early to crack open the Dom Perignon. Profits up 51% while advertising revenue is down year on year 8.5% tells us an awful lot. Half a shandy and hair shirts for a while longer I fear.