APN group's revenue up

REVENUE AT Australian media group APN News and Media rose to almost A$1.1 billion in 2010, a growth of 2.8 per cent year on year.

The group, in which Independent News and Media (INM) has a 31.6 stake currently valued at about €250 million, said earnings before interest and tax were 8.7 per cent higher at A$205.4 million, while net profit after tax, but before exceptional items, increased 9.5 per cent to A$103.1 million.

INM is set to get its final dividend in March, when it will be paid 7 cents per share, leading to a payment of A$13.4 million. Combined with the interim dividend of 5 cents per share, the annual dividend will total 12 cents per share, or A$23 million in the case of INM.

As of the end of 2010, the company’s holding in APN is being treated as an associate instead of a subsidiary and will no longer be consolidated into INM accounts.

The move came after board changes reduced INM’s influence.