Independent News & Media, publisher of the Independent newspaper, has this morning posted a 68% rise in pre-tax profits to £86.1 million for the whole of 1999. The Dublin-based company publishes a number of newspapers around the world and has begun investing in the development new media businesses, which it said are now starting to pay off. Turnover for 1999 stood at just over £480 million, up 46% year on year.
The group said that its Independent and Independent On Sunday titles had made circulation gains during the year and that losses at the two papers had been reduced. According to the annual ABC circulations, the papers both held sales fairly steady year on year, with the Independent gaining slightly to an average circulation of 221,000 and its Sunday sister dropping slightly to 248,000.
“Our restructuring plan is achieving significant savings in our core operations and Independent Digital is producing tangible results in the new media area,” said chairman Tony O’Reilly, announcing the results.
Independent News & Media: 00 353 1873 1666
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