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September 6, 2001updated 17 May 2007 11:30am

New Media hits profits at Guardian

By Press Gazette

The Guardian Media Group’s committed investment in new media of more than £34m in the year ending 1 April has seen its profits fall from £73.5m to £67.3m.

Increased spending on the new media initiative was reflected in a drop in the total operating profit from £47.4m to £29.4m.

But GMG’s net cash position has continued to strengthen to £194m from £176m, according to its annual report.

Chairman Paul Myners insisted the group was making good progress and the value of its forward-looking approach could be judged by the progress of its new media and radio ventures at a time when other media groups’ experiences with new ventures had been less successful.

Meanwhile, Independent News & Media, publisher of The Independent, has announced a fall in pre-tax profits of 17.2 per cent for the six months until the end of June. It blamed adverse currency movements, exceptional start-up costs and increased financing charges due to buying the Belfast Telegraph and the Citywest printing operation in Ireland.

In the UK, the group recorded overall profits of £6.7m on revenues of £79.3m, which were up 54 per cent due to the acquisition of the Belfast Telegraph.

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Despite uncertainty in global markets, the group expects to report an improved result for the full year.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

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