Sydney-based newspaper and magazine publishing group John Fairfax Holdings yesterday reported a record post-tax and post exceptionals profit of A$185.8 million (US$106.9m). This was achieved on the back of a 17.5% increase in revenues to A$1.34 billion.
Chief executive officer Fred Hilmer attributes the bonanza results to “strong growth in our revenues, expansion of our businesses, and our ability to capture significant operating leverage as a result of the business and management improvements that have been implemented over the last two years.”
According to Hilmer, a major contribution to growth came from the group’s business publications where circulation income grew 18.4% and advertising revenues by 29%.
News source: Financial Times