APN News and Media Limited (APN), in which Independent News & Media has a 39.7% share holding, has announced a record net profit for the 12 months ended 31 December 2004, revealing a 26% increase on 2003, to $130.2 million.
Earnings per share for the Group were reported to be 26.9 cents, up 17% to 22.9 cents, with the directors declaring a final dividend of 14.0 cents, increasing the full year dividend by 20.2% to 22.0 cents per share.
Group revenue also enjoyed a strong performance during 2004, growing by 12% to $1,283 million, net profit before tax rose by 26% to $130.2 million.
After allowing for the cost impact of new product initiatives and increases associated with other revenue gains, underlying cost growth was 3%.
APN continues to benefit from operating in the strongest markets in Australasia, with Queensland and the northern half of the North Island of New Zealand once again recording strong economic conditions, producing above national average growth rates and near record employment levels.
Commenting on the Group’s results for 2004, Brendan Hopkins, chief executive of APN said: “These are a very satisfactory set of results and demonstrate the continued strength of out core media businesses within their high growth markets and more than achieve our stated annual objective of double digit earnings growth.”
He added: “Each division performed well and each showed a meaningful improvement over the prior year. We look forward with confidence to the year ahead and retain our objective of double digit earnings growth for our overall business.”
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