Midland Profits Rise To £16.6m

Midland Independent Newspapers, the regional media group, has announced this morning that its pre-tax profits for 1996 reached £16.6 million, up 4.7% on 1995. Turnover for the year also increased, up from £95.172m to £105.353m.

The group said that the year was one of sharp contrasts in its newspaper division. In the first half, newsprint prices peaked at more than 40% above the previous year’s and uncertain consumer demand depressed revenues. In the second half MIN reported a 14.2% increase in total newspaper revenue as well as a reduction in newsprint prices to “normal” levels. For the year as a whole, the group’s newspapers increased their revenue by 7.7% to £96.3m.

MIN also expressed optimism for the success of Birmingham L!VE, the cable channel it joint owns with the Mirror Group. It expects to see ad revenue growth throughout the year for the channel.

In terms of future developments for the group, more expansions and acquisitions are forecast, together with the launch of new titles where appropriate.

MIN is the first of the major regional press companies to report financial results for 1996 and the other major players such as Johnston Press and Trinity International will be announcing their trading statements shortly. Both of these groups will be keen to emulate their 1995 financial successes: *Johnston Press Profits At £16.836m announced profits of £16.8m (up 14.8%) and turnover of £102.4m (up 7.5%) and *Trinity Hits £27.5m Profit profits reached £27.5m (up 20%) with turnover at £167.9m (up 2%).

* Subscribers only

MIN: 0121 236 3366