APN sees net profits increase

AUSTRALIAN media group APN saw its first-half net profits rise 11%, on a year-on-year basis, for the six months to the end of June.

Independent News & Media (INM) has a 32% shareholding in the company.

Net after-tax profits for the group reached Aus$40 million (€28m), while pre-tax profits went from just under Aus$53.5m at the same point last year to Aus$62.6m. Earnings per share slipped from 6.9c to 6.7c, but the group’s underlying revenue was up by 5% on the corresponding period last year, at Aus$508.3m.

Management — which has stated that advertising recovery is “well under way” — has also declared an interim dividend of 5c to shareholders.

APN chief executive Brendan Hopkins said: “Across all our operations, we believe the second half will continue the trends seen in the second quarter and anticipate a strong end to the year.

“The fourth quarter is traditionally our best period and forward bookings are encouraging.”

APN owns and operates a number of newspaper titles and radio stations across Australia and New Zealand. While it attempted to sell its interest in the group at the beginning of last year, INM — which recently sold the remainder of its stake in Indian media giant JPL — has changed its stance on APN, saying that it is now more likely to increase its stake in the business rather than reducing it.

INM chief executive Gavin O’Reilly said at INM’s annual general meeting earlier this summer that the investment is part of the Dublin group’s long-term strategy.

INM is due to issue its set of interim figures at the end of next week.