The British regional newspaper group, Archant, which has the leading stake in the Dublin Daily title, has expressed an interest in purchasing other Irish newspaper assets.

The company, which publishes four daily regional newspapers and 50 weekly titles, yesterday announced 2002 results, with operating profit up 5.8 per cent to £28 million €40 million) and turnover rising by 1.6 per cent to £146 million.

The company's chief executive, Mr John Fry, said the Irish advertising sector was very buoyant in recent years and there was clearly value in many regional and local newspaper assets in the Republic. However, he said Archant had no specific purchases in mind at present.

The Norwich-based Archant has proved to be an ambitious company and last year it mounted a bid for SMG's Scottish titles, among them the Glasgow Herald, but it lost out to the giant US newspaper group, Gannett.

Archant holds a 20 per cent stake in Dublin Daily News Ltd, the company that publishes the Dublin Daily. Mr Fry declined to comment on the performance of the paper, which has been operating in the Dublin market for the last month.

Mr Fry, presenting his first annual report on behalf of the company, said Archant performed well in an uncertain environment for media businesses. "Advertising in the regional press has held up somewhat better than that for national publishers, with the retail and property sectors being relatively buoyant."

Archant chairman Mr Richard Jewson said its considerable financial strength meant it was well positioned to weather any downturn and take advantage of opportunities that may arise.

Revenues at the UK's seventh largest regional newspaper group fell by 1 per cent in the first half of the year, but rallied in the six months to the end of December.

Mr Fry said the upward trend was continuing into the start of 2003 with the regional newspaper industry insulated against the effects of the war in Iraq.