Independent News well behind for half-year

Press, 12 November 1977, Page 19

Independent News well behind for half-year

The unaudited group net profit of Independent Newspapers Ltd, for the half-year to September .30 fell 34.2 er cent to 5730,000. The profit compares with §1,109,000 for the previous corresponding period, which under more buoyant conditions was a record, the directors say. Turnover, at S2IM was up S3M in the latest six months, but higher revenue was insufficient to cover substantial cost increases, mainly in ilabour, materials, and freight.

t| Trading conditions for the: -iremainder of the year are r i uncertain, when the full imjpact of higher costs which. 1 have occurred in the first six months and further increases i!in the cost of newsprint will s ibe felt. i! The recults for the full’ -Iyear will depend on the ac--[ceptance of ’increases in [cover charges and advertis)|ing rates without serious! ,[ erosion of volumes, ana the -’more efficient employment ofi - the company’s human and! i financial resources, the direc-; . tors say.

The issued capital of the [company has been increased 574.800 by the issue of 100 c [shares to trustees to be held [on behalf of the staff under ’the provisions of the employee share participation . scheme. An unchanged interim dividend of 5c a share will [be paid from profits to preI serve the status of the comIpany as an authorised trustee investment. [ The dividend will be paid on December 2, ex dividend I November 17.