The Independent will finally move into profit in 2006, according to chief operating officer Gavin O’Reilly.
The paper has lost money for a number of years but seen a revival in its fortunes since switching to tabloid format.
The Independent launched its tabloid edition inside the M25 in
September 2003 later rolling it out across the country. Since then
sales have boomed from 215,567 to 263,043.
September 2003 later rolling it out across the country. Since then
sales have boomed from 215,567 to 263,043.
O’Reilly told Reuters: “In the UK the market has had a bit of a tough
time, but we are bucking the trend. We expect [advertising revenue
growth in the] high teens as it catches up with circulation growth.”
time, but we are bucking the trend. We expect [advertising revenue
growth in the] high teens as it catches up with circulation growth.”
He
said: “In 2006 it will be making money on a sustainable basis. The
level depends on the advertising market, but the business base we are
building indicates that just getting to break-even would indicate a
very lacklustre ad market. I think we can make money with this kind of
market.”
said: “In 2006 it will be making money on a sustainable basis. The
level depends on the advertising market, but the business base we are
building indicates that just getting to break-even would indicate a
very lacklustre ad market. I think we can make money with this kind of
market.”
Currently the two Telegraphs are the only quality newspapers returning
regular profits for their owners. Times Newspapers, Guardian Newspapers
the Financial Times and the Independent are all currently in the red
according to their most recent balance sheets.
regular profits for their owners. Times Newspapers, Guardian Newspapers
the Financial Times and the Independent are all currently in the red
according to their most recent balance sheets.
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