News International has this morning released results for the year ending June 30. Pre tax profits for the group are up to £360.9m from £161.3m. Operating profits however, dropped to £96.2m from £140.9m in the previous year, down 32%.
Despite substantial increases in circulation from both the Sun and the Times, these were not enough to cover the effects of the price war. News International’s chief executive Gus Fischer said, “The UK newspaper market has never been so competitive and I can’t see that changing.”
BSkyB’s results show operating profits at £170.1m, up 177% from £61.47m last year. News International shares fell 9p this morning to 248p.
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