Losses cut at `Independent' titles

LOSSES at The Independent and Independent on Sunday have been curtailed since it was acquired by Independent Newspapers of Ireland, it was revealed yesterday.

Announcing another sharp rise in group profits, Independent Newspapers said that losses at the two titles had been reduced on a like-for-like basis despite significant investment in the newly-formatted products.

Since acquiring control of the two titles, Independent Newspapers has embarked on a revitalisation of the business, appointing new editors and senior writers to both titles.

The company said results so far from the British titles were "encouraging and in line with expectations", with both circulation and advertising revenue showing significant improvement.

In the group, a strong operational performance in all territories was marred by the chaos in world currency markets. Independent Newspapers has substantial newspaper interests in New Zealand, South Africa and Australia, all of whose currencies have been savaged over the past six months.

Despite this, the group achieved an increase in operating profits in the half year to the end of June of 12 per cent to Irpounds 55m. Profit attributable to shareholders after tax and minority interests rose 16.6 per cent to Irpounds 21.8m, helped by continued buoyancy in the group's core Irish market.

Liam Healy, the group chief executive, said he was upbeat about the group's operational performance which continues to make strong progress.

"Currencies are beyond our control," he said. "We will continue with the progress we are making in all our companies regardless of this turmoil, so that when currencies settle down, the benefits will accrue to us."

With full-year profits expected to show an improvement on 1997, the group is recommending a 15 per cent increase in the interim dividend to 3p a share.

Brendan Hopkins, the chief executive of Independent Newspapers (UK), said: "The key point about our results in the UK is that The Independent's losses are reducing and circulation is rising."

The buoyancy of the Irish economy ensured another strong performance from the group's titles in Ireland, which recorded a 14 per cent increase in operating profits to Irpounds 23m.

Advertising growth in Ireland was ahead of 1997, with the key sectors of recruitment, retail, financial and property growing exceptionally strongly.

All five Irish titles - the Sunday Independent, the Irish Independent, the Evening Herald, Sunday World and The Star - consolidated their leadership in their sectors.

Start your day with The Independent, sign up for daily news emails
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

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?