Southnews Reports 63% Increase In Pre-Tax Profit

Southnews, publisher of paid-for and free newspapers in London and the Home Counties, has announced its preliminary results for the 53 weeks to 3 April 1999, which showed that profit before tax has increased by 63% to £12.1 million. Earnings per share were also up by 27% from last year to 40.2p, and revenues for the group increased by 64% to £72.7 million.

Southnews acquired United Southern Publications in March 1998 (see Newsline), and according to Southnews’ chairman Gareth Clarke, the move was ‘the most significant step taken so far in the strategic development of the company’.

He commented: “Southnews enjoyed a highly successful year in the 53 weeks to 3 April 1999. In general, prospects for advertising look stronger than they did in the period leading up to Christmas 1998. The south-east economy in particular, which has a direct infouence on our level of activity, remains generally steady. Assuming that there will be no overall deterioration in the economy, the Board expects another satisfactory performance for the coming year.”

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