One of the State's largest regional newspaper publishers increased its pre-tax profits by 83 per cent to €9.4 million last year, according to accounts just filed.

Turnover at Celtic Media Group, owner of the Meath Chronicle, the Anglo-Celt and the Westmeath Examiner, rose by 6 per cent to €23.6 million in 2006. The company also owns the Westmeath Independent and the Offaly Independent.

The figures were bolstered by a profit of €3.6 million from the sale of a fixed asset. The company had retained profits of €12.4 million and cash of €8.7 million at the end of the year.

The directors said in the accounts that they were "aware of the risks faced by the group such as high cost increases in respect of newsprint and labour, potential migration of advertising revenues, an erosion of circulation revenues and a decline in overall economic activity levels in their main markets.

"While recognising these risks the group is satisfied that it has comprehensive strategies in place to deal with any such issues in the future and are optimistic of achieving good sales growth and results in 2007." The company's wages and salaries bill rose from €6.1 million to €6.7 million during the year.

The company, the Irish arm of Scottish group Dunfermline Press, entered the Irish newspaper market in 2002 with the purchase of the Meath Chronicle for almost €30 million.

Celtic Media Group bought the Cavan-based newspaper, the Anglo-Celt, in 2004 for €15 million. Its chief executive is Irish-born Deirdre Romanes, the largest shareholder in the company. The company's five directors shared remuneration of €742,395 in 2006.