Mirror Group Profits Up

The Mirror Group has this morning released results; pre-tax profits were up from £131.9m in 1993 to £189.3m for 1994, an increase of 43.5%. However, excluding exceptional items and provisions from the previous year, taxable profits were £84.7m compared to £73.8m, an increase of 15%. The group has now recovered from the legacy of the Maxwell scandal, the company said.

David Montgomery, chief executive, said with regard to the doubts surrounding the new Independent editor, Ian Hargreaves, that his job is secure, and that he will be there for the foreseeable future.

With regard to the speculation that Mirror Group may bid for Channel 5, David Montgomery said that every large media operator is interested, but that it was “too early to say”.