Independent News & Media's 45 per cent-owned Australian arm, APN, today reported a 33 per cent increase in profits for 2002.
APN reported a pre-tax profits rise to 135.7 million Australian dollars (€76.5 million) in 2002 compared with 101.35 million Australian dollars the previous year. Sales for the year jumped ahead almost 80 per cent to 1.07 billion Australian dollars.
Driving the profits was a better-than-expected performance from the acquisition Wilson & Horton.
Wilson & Horton, which APN acquired in late 2001, "performed ahead of the Explanatory Memorandum forecast issued prior to the acquisition," APN said.
Radio also had a strong fourth quarter in both markets, according to chief executive Mr Brendan Hopkins, but revenue at the outdoor advertising unit fell 6 per cent, despite an improvement in market conditions in the second half.