12.08.04
Interim profits are up for Archant
Archant has announced that pre-tax profit for the 26 weeks to 26 June 2004 was up 17.6% at £16.6m compared with £14.1m in 2003.
In its interim financial report to shareholders, the privately owned group said that turnover in the same period was up 19.3% at £92.3m and Group operating profit was up 16.2% at £16.4m.
Archant's newspaper and printing revenue saw a rise of 18.3% at £78.0m, with strong advertising revenue growth in most categories.
Newspapers and printing operating profit increased by 18.9% to £18.4m.
Archant Life, the regional magazine business, continues to make good progress, adding Brighton & Hove Life to its existing portfolio in the south east. Archant Life profits at the half-year are £0.5m more than at the same point in 2003.
Archant Specialist also continues its progress with Photography Monthly relaunched in June 2004 and increased profitability of Pilot magazine.
The 27 newspaper titles acquired from Independent News and Media (INM), for which Archant recently received provisional clearance from the Competition Commission, generated revenue of £8.7m and £1.8m operating profit for the six-month period.
Looking to the rest of the year, Archant chairman, Richard Jewson said: "Given a strong economy and the Group's progress in the first half of the year, the Board expects that continued growth can be achieved in the second half. We look forward to the conclusion of the Competition Commission's inquiry in October and we continue to consider a range of growth opportunities."
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