Independent Newspapers upbeat
Thursday 25 March 1999
Liam Healy, chief executive, said the group's strategic market positions, improved economic and currency trends, and the major cost reduction programme now being implemented, position the group well for the current year.
Pre-tax profits fell from IRpounds 100.1m (pounds 85m) to IRpounds 70m last year, after taking account of big provisions for restructuring. At the operating level, profits were only marginally lower and would have been some 3.6 per cent ahead but for currency weakness in key territories.
Commenting on the results, Dr AJF O'Reilly, chairman, said that more favourable currency conditions, renewed economic confidence and the positive impact of the cost-restructuring programme would have a favourable impact on results as the present year progresses.
"We are moving to 100 per cent ownership in South Africa, we have increased our shareholding in Australia to 41.6 per cent and have launched Independent Digital to capture the group's potential in the electronic arena", he said. "In the circumstances of the year under review, we achieved very worthwhile results and this is reflected in the enhanced dividend payment to shareholders", Dr O'Reilly added.
A second interim dividend of IR6p per share is to be paid, raising the total for the year by 15.4 per cent to IR9p.
In the UK, operating losses were reduced to pounds 0.9m frompounds 1.6m the year before. In its results statement, the group said that the move to 100 per cent ownership of the Independent titles had enabled it to revitalise one of the great newspaper brands in the world.
Already, this investment was being recognised in awards, including Editor of the Year to Simon Kelner of The Independent. In addition, recent ABC circulation figures confirm the first year-on-year increase for more than three years to 220,000 for the daily and 252,000 for the Sunday, with further improvements anticipated in the coming months.
"Under our full control, losses at the Independent titles have reduced significantly and we are increasingly confident of achieving the three- year target of break-even we set in March", the company said.
The group plans, through the creation of Independent Digital, to consolidate and enhance its existing Internet-related activities and to develop a coherent infrastructure for them across world-wide operations.
- 1 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 3 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Kenya bus attack: Al-Shabaab militants slaughter 28 non-Muslims who failed to recite Koran
That Sugar Film director Damon Gameua receives shocking diagnosis after going on healthy sugar diet for just 60 days
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...