Record profits for APN News & Media

APN News & Media Ltd (APN), in which Independent News & Media PLC has a 40.5% shareholding, today announced a record net profit for the 12 months to December 31, 2003 of $103.5m (€81.31m), representing a 20% increase on the prior year, excluding non-recurring items.

Independent News & Media PLC owns the Irish Independent, the Evening Herald, as well as regional titles.

It also owns British paper, The Independent as well as its stakes in Australian and South African newspaper operations. In all, the group controls more than 200 titles.

Earnings per share were 22.9 cents (18.5 cent), up 10% from 2002.

Group revenue before non-recurring items increased 11% to $1,143m (€920.14 m) and EBIT before non-recurring items increased 17% to $235m (€189.20m).

APN Chief Executive Officer Brendan Hopkins said: "We are very pleased with these results which demonstrate the strength of our core businesses and meet our stated objective of double-digit earnings growth."