Daily Mail profits plunge to pounds 67m

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The Independent Online
Hefty redundancy charges and the soaring cost of newsprint have depressed profits at Daily Mail & General Trust, publisher of the Daily Mail, Mail on Sunday and the Evening Standard. The pre-tax total sank from pounds 92.1m to pounds 66.8m in the year to 1 October despite record advertising revenues and strong growth in circulation at the Associated national newspaper subsidiary. The company charged pounds 21.8m for redundancy and reorganisation costs, but refused to say how many staff left the group. Both circulation levels and advertising remain buoyant, it said.

Investment column, page 22.