United News & Media have released financial results for 1995 which show a 24% fall in pre-tax profits to £104.5m after restructuring provisions of £30.7m. United was also hit by a £17m increase in paper costs and a 2% fall in national newspaper advertising revenue. The figures coincide with news that the United and MAI merger has gone unconditional.
The best performance within the group came from the magazines and exhibitions division, which saw operating profits increase 30% to £49.3m.
National newspapers, which include the Daily and Sunday Express, had a disappointing year: operating profits fell 42% to £18m, before the restructuring costs of £10.7m, with paper costs rising and advertising revenues falling.
Regional papers fared better: although profits dropped to £8.59m from £30.3m due to a restructuring programme costing £20m, turnover rose to £184.4m from £173.1m. Ad revenue from the regionals also rose by 3% over the year.
Lord Stevens, Chairman, believes that the £20m regional restructuring over a three year period will lead to annual cost reductions building up to between £12m and £15m from 1998 onwards.
United News & Media: 0171 921 5000
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