Newsquest Profits Up By 24%

Regional newspaper publisher, Newsquest, has today reported a 23.9% increase in pre-tax profits to £21.4 million for the 13 weeks to 4 April 1999. Operating profit at the group was up by 11.9% to £24.6 million.

Newsquest is currently awaiting a Competition Commission report on its plans to bid for rival regional newspaper publisher Portsmouth & Sunderland Newspapers (see Newsquest Confirms Interest In Portsmouth & Sunderland). Commenting on the results, Newsquest’s executive chairman Jim Brown, said: “The year has started well for Newsquest, with an underlying revenue growth of 7.5% in the quarter, aided by the timing of Easter. As expected we are experiencing a slower rate of advertising revenue growth than last year, but we remain cautiously optimistic that a soft landing for the UK economy will be reflected in another year of good results.”

In regard to Newsquest’s interest in Portsmouth & Sunderland, Brown commented: “We are continuing are dialogue with the Board of Portsmouth & Sunderland regarding our interest in a friendly acquisition.”

Newsquest: 0181 640 8989