Australian media group APN said today it would undertake a share buyback as it said it expected net profit growth of 10 per cent in 2005.
The Australian subsidiary of Independent News and Media said trading so far this year was in line with expectations.
"Your board remains of the view that should current trading conditions continue, net profit growth of at least 10 per cent is achievable, resulting in a net profit after tax of at least $141 million (€85 million)," APN chairman James Parkinson told shareholders at the company's annual meeting.
