Independent News & Media's (INM's) Australian subsidiary, APN, has reported a 33 per cent increase in pre-tax profits for the year to December 2002.
The strong figures were particularly helped by a full year's contribution from the group's New Zealand acquisition, newspaper group Wilson & Horton, which boosted publishing turnover by 171 per cent.
The company said Wilson & Horton performed more strongly than envisaged in the explanatory memorandum that accompanied the original acquisition in December 2001. The company, 44 per cent of which is owned by INM, reported pre-tax profits rising to 135.7 million Australian dollars (€78 million) from Aus$101 million. Turnover rose above Aus$1 billion from Aus$572 million. Profit after tax was up 87 per cent to Aus$90.2 million from Aus$48.1 million.
APN chief executive Mr Brendan Hopkins said the company's figures were boosted by strong performances in the Australian and New Zealand publishing divisions in the second half of the year.
The results were also boosted by an Aus$4.6 million contribution following a change in the ownership structure at the New Zealand Radio Network.
The publishing division continued to perform strongly with economic conditions in APN's regional markets improving in the second half. Total advertising revenue for INM's Australian publishing operations was up 8 per cent, with circulation on its titles rising by an average of 2 per cent
Publishing in New Zealand remained strong and the company said its regional newspapers saw advertising revenues rise by 9 per cent.
Publishing continues to provide more than half of APN's turnover and the company said results in the first quarter of 2003 were ahead of expectations from Australia and New Zealand.
On the radio side, the company said advertising for the first three quarters of the year in Australia was sluggish but the final quarter produced stronger returns.
