Sharewatch: Highbury House Boosted By Acquisition Plans

UK publishing group, Highbury House Communications, was seen in focus yesterday after announcing plans to buy Cabal Communications, which publishes Front, The Real Homes Magazine and Procycling, for around £10 million (see Highbury House To Buy Cabal Comms, As Profits Rise 9%).

The group also announced a 9% rise in its own adjusted pre-tax profits for the full year 2002, in what was the eighth consecutive year of improvement for the company. Shares rose by 12.5% yesterday to close at 13˝p.

Ulster TV also improved on news that it had again outperformed ITV advertising revenues, commanding a record share of the market for the third successive year (see RTL Cuts Losses And Ulster Outshines ITV Giants). The owner of the independent TV franchise for Northern Ireland saw stock climb by 4.54% yesterday.

Overall, the media sector experienced a positive day yesterday as investors reacted to the prospect of war in Iraq by driving the FTSE 100 upwards. The removal of uncertainty saw London’s leading share index rise by 120.5 points.

The closing prices of media company shares on Monday were: