Independent News sees fair profit

Press, Volume CXIV, Issue 33694, 18 November 1974, Page 21

Independent News sees fair profit

Independent Newspapers, Ltd, announced that during the six months to September 30. advertising levels generally, and classified advertising in particular, continued at a level higher than during ■the same period of the preivious year.

As a consequence the group net profit (unaudited) for the period is slightly ahead of that for the corresponding period in the previous year, despite the considerable cost increases which have been incurred. However, there are now signs of a falling off in some sections of classified advertising and, in view of the economic forecasts, it appears unlikely that profitability during the second six months of this financial year will continue at the same level as previously.

Nevertheless, the indications are that the operations for the whole year will result in a satisfactory level of profitability, having regard to prevailing economic circumstances, the directors say. They have declared an interim dividend of 5 per cent (5c a share), half of which (2.5 c a share) will be payable from realised capital profits and therefore free of tax in the hands of shareholders, ft will be paid on December 6, ex dividend November 21.