Indo profits up 42.8%
Independent News and Media has announced after-tax profits of €68.1m, up 42.8% on the same period last year (to June 30).
Operating profit was up 25.1% to €129.4m, delivering an operating margin for the group of 17.2%.
In the results announced today, the group said that advertising and circulation revenues from continuing operations were up 14.3% and 10.4% respectively and that growth in its southern hemisphere operations was a substantial factor in the results.
A cost-cutting plan which has included 208 redundancies is "substantially complete", the company said today. The measures will deliver savings of €18.9m by the end of 2005.
Independent news and Media boss Anthony O’Reilly said: "Trading in 2004 has been very positive, with all five markets showing good revenue and profit growth. That positive trading position has continued into the second half."
Irish operating profits grew by 8.5% from €37.7m in the first half of 2003 to a record €40.9m in 2004. As a result, operating margins increased from 21.4% to 21.6%.
Advertising was particularly strong in property, colour, government and run-of-paper/ retail, the company said today, while circulation was boosted by the introduction of the Irish Independent's compact version .
The UK operation recorded revenue of £68.7m (€100.6m) in the first six months of 2004, which represents an increase of 8% on its continuing operations. The London regional newspapers division was sold to Archant at the end of 2003, and therefore is excluded from the comparisons.
Australasian APN News and Media (APN) - in which Independent News and Media has a 40% shareholding - reported record results, with operating profit before exceptionals up 19.5% to A$125.4m (€71.7m) for the six months ended June 30. Turnover at A$586.6m (€335.4m) was up 8.3%, due to strong local advertising demand and the positive impact of the continuing economic expansion of China and the Far East.
Independent News and Media publishes more than 165 newspaper and magazine titles with a weekly circulation of 13.5m copies and operates 53 online sites, achieving 108m page impressions per month in aggregate.
