Independent Reports ‘Robust’ Performance As Profits Slump

Independent Reports ‘Robust’ Performance As Profits Slump

Independent News & Media this morning released preliminary full year results for 2002 which reveal a slump in the company’s profits in what it describes as a ‘difficult’ year. Pre-tax profits fell to £38 million, compared to £95 million in 2000, turnover also fell slightly on 2000 totals.

The company said that despite the difficulties of 2002, the global advertising slump and 11 September, it had managed “robust operating performances across all divisions in testing market conditions.”

Sir Tony O’Reilly, executive chairman said: “It would be hard to experience a more surprising and, at times for all of us, a more alarming year than 2001. It culminated in the extraordinary and horrific events of September 11th, but before that, there was a general spirit of decline and malaise evident in most economies.”

“In spite of the unusual difficulties of 2001, I am pleased to report that our Group performed extremely well throughout the world. Our well diversified portfolio of strong brands and leading market positions have enabled the Group to increase its market share during the year and a continued focus on cost economies across every division of the Group has resulted in a reduced cost base exiting 2001.”

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