Compact Edition Boosts Independent’s Market Share

Independent News & Media, publisher of the Independent newspaper in the UK, has seen its pre-tax profits jump by 19.8% in 2003 to €154.6 million.

The company says that there have been strong advances in both circulation and advertising revenues, up by 6.9% and 5.5% respectively.

In the UK, advertising remained negative for the full year, although INM says that the Independent increased its market share. This suggests a lower rate of revenue decline at the newspaper than experienced in the overall market.

Revenues at the UK division were flat year on year at €210.5 million. The poor advertising revenues were offset by a good performance from the Belfast operations, particularly at the Belfast Telegraph, which saw positive classified and recruitment revenues.

Circulation revenues rose at the Independent, following the launch in September 2003 of its ‘compact’ tabloid edition. This helped push circulation to the highest figures since 1997. February sales were up 15.2% year on year in a market where all other competing titles fell, according to INM. This gave the paper its highest market share since April 1996, at 11.7%.

During 2003, the group also completed both the sale of its London regional newspapers division to Archant and the sale of its 19.1% stake in Lusomundo Media, the Portuguese newspaper publisher, to Cofina.

INM says that trading in 2004 has started positively and it is expecting further improvements in underlying profitability at the company for the full year.

Independent: 020 7005 2000 www.independent.co.uk

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