Independent News & Media said its New Zealand subsidiary, Wilson & Horton Holdings (WHH) today reported record operating profits before interest, tax and associated companies' results, for the year 2000 of euro 44.69 million, up 12.3 per cent on the previous year.
This result was delivered on operating revenue growth of 3.9 per cent. Whilst revenues flattened in the second half after an unseasonably strong first half, WHH outperformed market conditions following a number of strategic initiatives, said the company.
Excluding operating losses from WHH's New Media businesses, underlying operating profits improved 15.8 per cent. A dividend of 20 cents per share will be paid on the company's cumulative exchangeable preference shares.
WHH said trading for the first two months has met expectations but was marginally behind the extremely buoyant first quarter of last year driven primarily from the America's Cup. "The full year though is expected to showmeaningful profit growth on 2000," the company added.
AFP