Independent acquires stake in Indian publisher

Issuing its update for 2004, Independent News & Media plc today announced that it has entered into a sale and purchase agreement to acquire 26% of Indian newspaper publisher Jagran Prakashan Private Limited for €25.5m.

This transaction is subject to Indian government approval and is expected to be completed in early 2005.

Today's statement said the group enjoyed strong revenue growth across all its major markets (Australia, Ireland, New Zealand, South Africa and the United Kingdom) throughout 2004, with a strong seasonally adjusted Q4.

The four primary economies of Australia, Ireland, New Zealand and South Africa continue to enjoy strong GDP growth, outpacing European and US growth rates, it said. Group total revenues are ahead of 2003.

Group advertising revenues remained buoyant, up over 10% year-on-year, it said.

Chief executive Tony O'Reilly said: "2004 has proven to be an important year for Independent News & Media. A long-overdue - yet broad-based and well-diversified - positive revenue trend, coupled with extremely good cost management, will generate a strong result for the year 2004, in line with market forecasts.

"In looking forward, our simple aim at Independent is to be the low cost producer in every region in which we operate. With this as a background and with a strong finish in the current year, I am confident that we will again show a meaningful increase in earnings for 2005."