Independent News and Media plc sees profits up 20%

Independent News and Media plc has reported a profit before tax and exceptionals increase of almost 20% to €154.6m.

EPS rose to 12.63c, a rise of 10.8% on 2002.

The group said that circulation was up 6.9% and advertising revenues increased 5.5%.

It also reported a successful completion of its recapitalisation programme, raising €363m in 2003. This was primarily used to reduce net debt by €245m and redeem Preference Shares.

Executive Chairman Anthony O'Reilly said: "Trading in 2004 has started positively and, given a continuation of current trading conditions, the board remains confident of further imprevement in underlying profitability for 2004, and we believe that our shareholders can look forward with confidence to the future."

The launch of the tabloid "compact" form in Britain also achieved impressive results, as did a worldwide restructuring plan initiated to enhance core profitability through significant cost efficiencies.

Independent News and Media plc has a proposed final dividend of 5.15c.