Merrill points to turnaround at revamped `Independent'
Saturday 13 March 1999
Pointing to the year-on-year circulation rise achieved by the daily title in February - the first such rise in three years - the investment bank expresses the view that "under single ownership by a group with proven management ability, The Independent's performance can be improved".
It says break-even for the titles is anticipated in three years' time, with circulation targets of 250,000 for the daily and 300,000 for the Sunday.
Independent Newspapers acquired full control of the two newspapers just over a year ago.
Overall, Merrill estimates that Independent Newspapers is 35 per cent undervalued against other European and UK newspaper groups, making it the best-value publishing stock followed by the US securities house.
Returning to the group's two UK national titles, Merrill says; "Editorial changes have improved circulation and advertisers continue to be attracted by the papers' young, urban, affluent readership base. The Independent titles have now been fully integrated into the group's existing UK operations.
"The primary objectives of the new management were firstly to put more copies of the paper into circulation (increased sampling through price promotion and special offers, etc) and secondly to improve the editorial quality and content to appeal to both existing and new readers."
The losses at The Independent and Independent on Sunday have been a factor depressing the share price of the parent company over the last six months. However, Merrill gives an upbeat verdict on the outlook. It reckons losses in the group's UK operations as a whole will narrow to IRpounds 1.8m in 1999. It expects UK operations to be back at break-even in 2,000, rising to a profit of IRpounds 2.6m the year after.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 4 The day I starred in Only Fools and Horses
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings plane crash: Co-pilot Andreas Lubitz 'sought treatment for eyesight problems'
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Yemen crisis: Saudi Arabia ready for long campaign against Houthi rebels across the border
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
Germanwings plane crash: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...