Mirror Group Profits Up 12% But No News On Independent Titles

The Mirror Group issued its preliminary annual results for the year ended 28 December 1997 today. The company makes no reference to the reportedly imminent sale of Newspaper Publishing (producers of The Independent) to Irish co-owners, Independent Newspapers.

The Group reports profit before tax and exceptionals of £92 million, up 12% from £82 million. Turnover is up 4% to £559 million from £538 million, and dividend increased by 11% from 4.5p to 5p. Earnings per share before exceptionals were up 9% from 14.3p to 15.6p.

In November last year the Group bought Midland Independent Newspapers (MIN) for £305 million (subscribers see Midland In The Mirror); of this the Group says:

“The Mirror Group is now a major national regional newspaper publisher, with weekly sales of 27 million papers. The MIN acquisition provides exciting opportunities to share resources and produce papers more profitably. Immediate cost savings on overheads have been achieved and further benefits will come through in 1998.”

Of Newspaper Publishing (NP) the only comment was that revenues had increased by over 2% but despite this NP continued to make losses, “although the Group recovered much of its attributable loss through its provision of services to the company,” the statement reads.

Mirror Group c/o Financial Dynamics: 0171 831 3113