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 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 4 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 5 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ferguson decision: Tea Party website mocks Michael Brown's family over T-shirt typo
Michael Brown shooting: Ten things we know – or know better – now the Ferguson grand jury's work is over
Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Derren Brown on the disappointment of coming out: 'It’s not that people react badly to it – they really don't care'
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
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...