Indo group profits rise by 42%

PROFITS at Independent News & Media jumped nearly 42% last year largely due to a strong contribution from its papers in Ireland and South Africa.

Including the gains on the sale of its stake in ringtones firm iTouch and the disposal of a printing site in Dublin, pre-tax profits in 2005 were €272.5 million, up from the previous year’s €192m.

Group revenues were 7.5% higher at €1.61 billion, though newspaper circulation revenue growth was slower than the increase in advertising revenues.