Archant, the privately-owned community media group, has released its Annual Report and Chairman's Statement to shareholders prior to the AGM on 18th May 2004.
Magazines lead Archant profit rise
It confirms the group's overall profit figures (for the year to December 31 2003) from the preliminary financial statement released in March, that profit before tax was £27.8 million (up by 13.9%).
In his statement, chairman Richard Jewson highlights the group's magazine division, Archant Lifestyle, as a major source of growth in profit for 2003.
As the now-audited figures show, Archant Lifestyle has enjoyed rapid development with revenue up 32.4% at £25.5million. Development of the magazine portfolio continues and profits grew by around 350% to £2million as the business began to mature.
Contributing towards this improvement in profits are the 16-strong Archant Life county magazine stable and Archant Specialist's consumer magazines including Pilot and imaging titles such as Photography Monthly and Total Digital Photography.
Archant chairman Richard Jewson commented:
"Our plans are to achieve further growth in revenue and profits in 2004 and so far, we are on track to do so. We shall continue to seek opportunities for profitable investment in the areas we know well and in which we have proven expertise, but do not feel under pressure to substantially increase our borrowing."