Independent News posts record profit

Dublin-based Independent News & Media, owner of Herald publisher Wilson & Horton, reported a 13.5 per cent increase in operating profit to a record €109.3 million ($225 million) for the six months to June.

Turnover rose 4.2 per cent to a record €656 million and all regions delivered enhanced margins. Pre-tax profit, at €57.6 million, was down 17.2 per cent because of adverse currency movements, exceptional start-up costs and the increased financing charges arising from the acquisition of Belfast Telegraph Newspapers and the investment in a new Irish printing facility at Citywest.

Fully diluted earnings per share rose 2 per cent to a record 7.68c and the interim dividend increases 10 per cent to 2.75c a share.