Archant Acquisitions Pay Off As Profit Rises

Regional publisher, Archant, has delivered its preliminary financial report to shareholders, marking the first set of full year results since the company bought 27 regional newspaper titles in and around London from Independent News & Media (INM).

Audited results for 2004 show that turnover for Archant’s businesses was £185.6 million, up 17.4% year on year, while the group’s operating profit rose by 20.7% in the same period to £32.7 million. Archant’s profit before tax was £32.4 million, representing a rise of 16.9% year on year.

In a letter to shareholders, Archant’s chairman, Richard Jewson, outlined that he said had been an exciting and profitable year for the company, stating that the clearance of the INM deal by the Competition Commission had allowed full integration of the acquired London regional newspaper businesses, as well as a satisfactory share buy-back process, which enjoyed the support of 99.9% of shareholders who voted.

The chairman said: “The outcome for 2004 indicates that Archant shareholders’ continuing support is well-founded. We shall continue to seek opportunities for profitable investment within our markets and expect the Group’s profitability to increase in 2005 as previous investments take effect and recently introduced titles mature.”

Earlier this week saw the company purchase the combined portfolio of Highbury Local Publications from Highbury House, making the deal for £6.1 million in order to acquire the firm’s portfolio of six monthly lifestyle magazines and the three Property Mart titles operating in and around London (see Archant Acquires Highbury Local Publications).

Archant : 01603 772803 www.archant.co.uk

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