Strong growth in advertising revenue has helped Independent News and Media to record pre-tax profits of €189m for last year, up 55% on the 2003 figure.
Turnover from continuing businesses rose by 14% to $1,557m while earnings per share were up 60% at 11 cent. A 14% higher total dividend of nine cent has been declared. Last year's results included exceptional charges of €82m linked to restructuring.
Advertising revenues climbed by 18%, with circulation revenues 7.7% higher, helped by some price increases.
Chief executive Tony O'Reilly said trading in 2005 had continued in the same positive trend, adding that expected savings from its restructuring programme would be fully achieved this year and in 2006. The company laid off 208 people in its Abbey Street operation in Dublin during the year and also outsourced some activities.
In Ireland, turnover increased by 8% to €410.3m, boosted by double-digit percentage growth in advertising. The company said property, retail and Government-related advertising were particularly strong, while revenues from recruitment advertising strengthened in the second half. Circulation revenues were up 3%. Profits were 10% higher at €82.7m.
Independent's UK operations showed an 8.7% rise in revenues to €202m, with profits ahead by 18% at €14.3m. The Independent showed strong circulation growth, having changed completely to compact format in May 2004.
APN, in which Independent has a near 40% stake, saw profits grow by 23.5% to €161.4m, with turnover up 17% to €747m. The performance was helped by strong economic conditions in Australia and New Zealand. South African profits were up 32% at €31m, helped by moves to contain costs.
Late last year, INM agreed to take a 26% stake in Indian newspaper publisher Jagran Prakashan. This deal is awaiting approval from the Indian government.
Shares in the company closed unchanged at €2.29 in Dublin this evening.
