APN News and Media, which is 44% owned by Independent News and Media, today announced a record net profit for 2002 of A$90.2m, 87% higher than in 2001. Earnings per share were 20.8 cents, up 16% from 18 cents in 2001 and the director declared final dividend of 10 cents per share.
The result includes the full-year benefit of the Wilson & Horton acquisition. Total group revenue was A$1,072 million, up 79% from A$599m in 2001, and group EBIT was A$205m, up 77% from A$116m. On a like for like basis, group revenue improved 8% and EBIT grew 2%. In the second half, EBIT grew 37% on the 2002 H1 result on a like for like basis.
Wilson & Horton, which APN acquired in late 2001, performed ahead of expectations.
APN chief executive Brendan Hopkins said: 'The overall growth in group revenue and profit was driven by a strong second half result from the publishing businesses in both Australia and New Zealand. Radio also had a strong fourth quarter in both markets.'
