Independent News buoyant

Irish newspaper and publishing group Independent News & Media posted a 14.7 per cent rise in adjusted earnings per share (EPS) yesterday and said it was confident of delivering double-digit full-year earnings growth.

Independent News, reporting under new financial accounting standards for the first time, said fully diluted EPS climbed to 6.7c in the six months to the end of June from 5.9c in the same period last year.

Operating profit before exceptional items grew 12.4 per cent to 141 million ($245 million).

"The board remains confident of your group's ability to deliver double-digit full-year earnings growth for 2005 and to sustain superior earnings growth into the future," chief executive Anthony O'Reilly said.

Independent News & Media owns 39 per cent of APN News & Media, which publishes the Herald.

- REUTERS