Pounds 341,000 profits for Independent: Newspaper Publishing reviews a difficult period and the background to talks with Lonrho
The results reflect a pounds 39,000 write-off in respect of the cost of feasibility studies for a new French daily which would be produced in conjunction with three other European newspapers: Le Monde in France, Spain's El Pais and Italy's La Repubblica. The latter two groups also have shares in Newspaper Publishing.
Sir Ralf Dahrendorf, chairman of Newspaper Publishing, described the six months covered by the report as 'eventful'. It had been a particularly difficult trading period 'but we have emerged from it with a profit and no bank borrowings'. Sales of the Sunday newspaper continued to improve, with the average circulation rising from 378,000 to just over 400,000. A cover price increase in February from 80p to 90p had led to a slight initial drop in circulation, but Sir Ralph said this was not expected to hinder the longer-term progress of the title.
Advertising suffered from the devaluation of sterling following its exit from the exchange rate mechanism last September, with revenues from display advertising in the daily newspaper dropping by 13 per cent.
But the reasonable performance of other categories, combined with the fact that display advertising had started to stabilise after December, limited the overall fall to 9 per cent. The company detects signs of improvement in the market with revenues in March higher than the equivalent month in 1992.
- 1 End of the licence fee: BBC to back radical overhaul of how it is funded
- 2 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 3 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 PornHub turns masturbation into energy in bid to save the planet
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
End of the licence fee: BBC to back radical overhaul of how it is funded
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
£7 - £9 per hour: Recruitment Genius: Are you outgoing? Do you want to work in...
£45000 - £55000 per annum + 30 days holiday: Ashdown Group: Finance Manager - ...
£28000 - £30000 per annum: Ashdown Group: 3rd Line Support Engineer / Network ...
£26000 - £33000 per annum: Recruitment Genius: A Web Developer is required to ...