NEWSCOM Reports 10.4% Increase In Profits

Newspaper group News Communications & Media (NEWSCOM) has reported a pre-tax profit of 10.4% in its half-year results, released today. The company, which is currently the subject of bid proposals from Gannett UK, Johnston Press and Trinity Mirror (see Newscom Bids Referred To Competition Commission), made a £10.3 million profit, compared to £9.3 million for the same period last year.

A period of restructuring to increase efficiency has helped the group to cut down its operating costs, which have now dropped to below 1998 levels.

Commenting on the results, John Dux, chief executive of NEWSCOM, said: “These excellent results, driven by a substantial reduction in costs, clearly demonstrate the benefits of the restructuring programme, the full benefit of which will be seen in the coming year. The outlook for NEWSCOM remains encouraging against the background of our successful growth strategy, both organically and by acquisition, and we have started the year with a very strong revenue performance.”

Underlying profit for six months ending Christmas Day were up 19.3% to £13.6 million.

NEWSCOM: 01703 424 777