WILSON & Horton, the New Zealand publisher, has recorded a marginal increase in pre tax profit to 27.4 million New Zealand dollars (£12.5 million) from NZ$27.1 million in the six months to August 22nd, 1996. Independent Newspapers has a 45 per cent stake in the New Zealand company.

Wilson & Horton said that its flagship, the New Zealand Herald, had "excellent results" in what was a "difficult market, heavily affected by the decline in retail display advertising".

This was "somewhat offset" by a growth in national advertising and the maintenance of classified advertising levels.

Operating revenue grew by 6.4 per cent to NZ$212.9 million from NZ$200.1 million.

The Herald's operating profit margin grew by 22 per cent.

This, the group said, reflected the benefits that were now flowing to the group from the investments in printing and press equipment made by the company over the past two years.

The results from the provincial newspapers were similar to last year. They reflected a contraction in retail spending, the group said.

The print division saw a reduction in magazine paging and letter box advertising material. However, there was an increase in the number of titles.

Security plastics improved and the plant is now fully operational. The smartcard and export businesses are expected to continue growing.

Wilson & Horton has a 33 per cent stake in the New Zealand Radio Network but the acquisition was not completed until July 1996 and it has had no impact on the latest results.

The group's earnings per share rose from 18.3 cents to 18.5 cent in the first half.