Independent Newspapers on form

INDEPENDENT Newspapers, the Irish media group that owns The Independent and The Independent on Sunday, reported a positive start to the year in all its markets yesterday.

Speaking at the company's annual general meeting in Dublin, Dr AJF O'Reilly, the chairman, said he was pleased with trading to date and looked forward to a meaningful increase in earnings per share for the year to come.

Economic conditions had improved in New Zealand while exchange rates were more positive in South Africa. In the UK, the Office of Fair Trading's recent decision to ban below-cost selling in the national newspaper market would hasten the return of The Independent to profitability, he said.

After the meeting, Gavin O'Reilly, managing director of Independent Newspapers (Ireland), said he believed that in two to three years' time The Independent would come to be seen as one of the most inspired investments made by Independent Newspapers.

In his statement, Dr O'Reilly said that the company had last year "started the long task of rebuilding the reputation of The Independent as the only broadsheet paper of genuine independence" in the UK. Adding that it would take patience, investment and talent to return the paper to the position it held in the late 1980s, he said that the company had won an historic victory in having its position on predatory pricing upheld by the Office of Fair Trading.

In his statement, Dr O'Reilly made much of the company's efforts to position itself for the digital age. "The importance that your group attaches to new platforms and new methods of communications is exemplified by the formation of Independent Digital, a worldwide division which will combine the best forces that our brand can command in New Zealand, Australia, South Africa, the UK and Ireland," Dr O'Reilly said.

Strong progress is being made in South Africa, where the group has taken a 30 per cent interest in In Touch, a software developer specialising in the Internet and cellular technology industries. Under its managing director in South Africa, Ivan Fallon, the group aims to become the leading "portal" operation in the country.

Last year had also seen a dramatic worldwide restructuring and a decision to invest in a state-of-the-art printing plant in Dublin, Dr O'Reilly said.

The meeting agreed to change the company's name to Independent News & Media. The shares closed up 7.5p at 330p.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Software Development Manager

£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Product Manager - (Product Marketing, Financial Services)

£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee