Independent News & Media posts profit rise

Independent News & Media posted a 10

Independent News & Media posted a 10.7 per cent rise in first-half adjusted earnings per share and said it was confident of "superior" earnings growth for 2006.

The group - which operates in Ireland, Britain, South Africa, Australia, New Zealand and India - reported adjusted earnings of  €0.0743 per share in the six months to end-June on Tuesday, with pretax profit up 10.8 per cent to €114 million before exceptional items.

The company said broad-based growth across all its geographical regions had contributed to record results.

Revenues grew 3.6 per cent to €796.7 million, with group circulation revenue growth up 5.5 per cent driven by increases in cover prices.

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The group's businesses in South Africa posted a particularly strong underlying trading performance, with operating profit rising 5 per cent before exceptionals.

Chief Operating Officer Gavin O'Reilly said: "The market is looking for double-digit growth, and we're confidently reaffirming that guidance."

The first-half results were broadly in line with predictions made by the company in a trading statement in June. Independent News announced a 10.7 per cent rise in its interim dividend to 4.15 cents per share.