Positive news for INM subsidary down under

Independent News and Media’s 40.7%-owned Australian subsidiary, APN News & Media Limited (APN), has reported positive trading across its divisions.

According to the company The New Zealand Herald continued to perform strongly in Q3, with advertising volumes in the quarter increasing 9.7% on the same period in 2002.

All advertising categories performed well in the period, with retail and national in particular driving good growth in overall advertising revenue.

Forward bookings are also encouraging in the lead-up to the Christmas/New Year period, according to APN.

Circulation is currently averaging 208,000 copies per day, an increase of 2,000 ahead of the same time last year.

Its radio division saw revenue rise 16% while regional newspapers saw divisional revenues measured in Australian dollars ahead by 6.1%.

Looking forward, APN forecasts that consistent strong advertising growth across all its major markets will offset weaknesses in the New Zealand dollar.

A statement issued today said: “The company remains confident of matching or exceeding the consensus net profit after tax forecast of $A100m (€59m) for the current year.”