Publisher well up in first results

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The Independent Online
THE FIRST full results from Harrington Kilbride, the publisher, have shown a 46 per cent improvement in pre-tax profits.

Harrington has a stable of 40 magazines, mostly technical or business titles with controlled circulation. With a defined, specialised audience, Harrington makes most of its money from advertising.

Profit before tax for the year to 31 December was pounds 1.9m compared with pounds 1.3m last time. Kevin Harrington, the founder and 46 per cent shareholder, said the profit jump arose because: 'We did not wait for business to come to us; we went out and won it.'

Mr Harrington said the company had grown organically by starting up new titles. He said the broad strategy was unchanged, but acquisitions might be considered. The company is particularly keen to build exposure to overseas markets.

The shares rose 9p yesterday to close at 237p. The company was floated in December 1991 at 120p.

Earnings per share grew to 11.8p against 10.2p. The final dividend was 3p, making a total of 4.5p. It passed the final payment last time because Mr Harrington owned most of the shares.