The cost of Southnews’ aborted takeover of Home Counties Newspapers (HCN) (see Southnews Launches £59m Home Counties Bid) was £500,000 the group has announced in its first half financial results today. Southnews’ bid for Home Counties was toppled at the last minute by Eastern Counties Newspapers with bough HCN for £58.3 million (see Home Counties Surprise Sell To Eastern).
The regional newspaper publisher, Southnews, today posted pre-tax profits for the 27 weeks to 3 October up 67% year on year to £6.2 million. Earnings per share were up by 31% to 20.37p. However, the company said that it is preparing for a downturn in revenue gained from recruitment advertising over the next financial year.
In March Southnews successfully acquired United Southern Publications for £47.5 million. At 2:48pm this afternoon, Southnews shares were up 12p on yesterday’s closing price at 368.5p.
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