APN enjoys 'excellent' Q3 growth

The Australian and New Zealand newspaper markets delivered "excellent growth" in the third quarter, APN News & Media said yesterday.

APN, which is 39.7 per cent owned by Independent News & Media, said trading has remained in line with previous guidance since interim results were reported in August, with "continued positive growth rates moderating as trading is set against strong 2004 second half results".

It said that to the end of the third quarter, the Australian and New Zealand markets had "again delivered excellent growth on top of the 24 per cent growth achieved in the 2004 full year".

In Australia, it said, advertising had remained strong across its daily newspapers and community titles.

Circulations for the daily newspapers were in line with 2004 after cover price increases.

In New Zealand advertising revenue "remained strong".

In the statement, APN said it "continues to believe that . . . the company remains on target to achieve a full year result in line with previous guidance.

"An increase of between 13 to 15 per cent on the 2004 IFRS full year net profit after tax of Aus$129.4 million (€81 million), is expected to be achieved".