RIM Exceeds Expectations But 2002 “Remains Uncertain”

RIM Exceeds Expectations But 2002 “Remains Uncertain”

Regional Independent Media yesterday reported a rise in profits of 8%, rising to £44.1 million in 2001 from £40.9 million in 2000. Turnover increased by 3.5% to £175.3million.

84% of turnover was derived from the group’s newspaper interests, including the Yorkshire Post and Sheffield Star, both of which saw an increase in circulation in 2002. Advertising revenue grew by 0.9% in Q4 and across the Group, all advertising categories, except non-local and Motors, showed well above inflation growth over the year.

Commenting on the results, Chris Oakley, Chief Executive, Regional Independent Media said: “Our performance has again exceeded our investors’ expectations, with profits in our newspaper business growing more rapidly in the second half of the year than the first. An encouraging start to 2002 has justified our confidence in the prospects for this year.”

The group’s five year new media plan remains on course to reach break even by the end of 2002 after further revenue growth in 2001 of 58% to £2.2million. Annual users doubled to reach 8.3 million.

Subscribers to MediaTel Insight can access more national and international media analysis, forecasts and news. For subscription details please visit the site.