A bumper set of half-year results which saw pre-tax profits rise 22 per cent to €74.5 million and earnings per share up over 18 per cent to 8.33 cents - comfortably ahead of market forecasts - helped Independent News & Media shares rise sharply yesterday. The shares jumped 20 cents to €4.30 as analysts prepared to substantially revise their current full-year profit forecast of €165170 million.

There was strong profit growth in all the group's geographical divisions, and even the UK - long a loss-maker because of the London Independent - turned the corner from loss to profit. Goodbody analyst Mr Joan Garahy said that she will be revising her full-year forecast but the new forecast will depend on the scale of the losses in the group's new media operations.

"The results will give investors a lot of comfort that the core newspaper franchises are delivering strong growth," she said.

In Ireland, circulation and advertising growth allowed Independent to increase its operating margins to 24.3 per cent, as turnover jumped almost 10 per cent to €153.4 million and operating profits up 11.6 per cent to €37.4 million. The €60 million Citywest print plant is ahead of schedule and is due to come on stream at the end of November, Mr Gavin O'Reilly managing director - Ireland said. The €100,000 profits from the British operations were ahead of the company's own expectations, and are largely down to a 21 per cent increase in advertising at the Independent and Independent on Sunday. The head of Independent's British operations, Mr Brendan Hopkins, said that the Independent is on target to move into profits next year.

Those accounts for the UK business next year will also include a first-time 12-month contribution from the Belfast Telegraph - recently acquired from Trinity International for £295 million sterling. Mr Hopkins. He added that Independent has had talks with other British publishers to replace the business lost when News International switches the printing of its Irish titles to its own print plant.

Independent also reported strong growth in its other operations in Australia, New Zealand and South Africa, all of which reported increases in turnover and operating profits. Reflecting the strong improvement, shareholders are getting an interim dividend of 2.5 cents per share, a rise of 15 per cent.