Newspaper Publishing Announces Losses

Newspaper Publishing plc, publishers of The Independent and The Independent on Sunday, announced its preliminary results for the year ended 26 September 1993.

There were pre-tax losses of £486,000 compared with a £28,000 profit last year. Chairman, Ian Hay Davison, said, “Revenue held up well in a particularly difficult year for the UK broadsheet newspaper industry”, at £81.4m, this was only marginally down from last year’s £81.8m.

Mr Davison pointed out that the Independent’s market share in 1993 was 16.1%, down from 17%; “Given the intense promotional activity in the marketplace during the year this is a creditable performance”.

With regard to Newspaper Publishing’s future, he said “A strategic business plan is being formulated which will form the basis for raising the long-term finance necessary for the Company to go forward”.