2001 2000 Change
£m £m
Operating profit on continuing operations 48.1 44.0 +9.3%
Profit before exceptional items 40.2 35.2 +14.3%
Earnings per share: 14.2 12.1 +16.7%
Highlights
Like-for-like advertising revenue growth of 3.2% despite challenging market conditions
Like-for-like newspaper publishing operating profit increased by 9.7%
Job advertising revenue, the strongest growth category, increased by 13%
Overall operating margins increased from 29.8% to 31.2%
Chief Executive, Tim Bowdler said:
We have made a satisfactory start to the second half with continued modest revenue growth and costs remaining under close control. Given the uncertain market outlook and the clear evidence of a slowdown in the economy as a whole, we have taken steps to ensure that our businesses are in good shape to accommodate any downward pressure on revenues. As publishers of the market leading titles in numerous and widespread local communities around the UK we believe that we are strongly placed.
Despite the current mood of economic uncertainty, which makes it difficult to comment on longer term prospects, present indications suggest that further progress should be made in the second half, resulting in 2001 being another satisfactory year.
