Herald owners reportedly post 20 per cent rise in profits

THE owners of The Herald, Sunday Herald and Evening Times newspapers have reportedly posted a 20 per cent rise in profits.

Writes The Herald’s City Editor, Tim Sharp, today: “Newsquest (Herald & Times), owner of The Herald, Evening Times and Sunday Herald, has posted a 19.6 per cent rise in pre-tax profit to £8.7 million as a large fall in pensions costs more than offset a drop in revenue.

“The company, an arm of US media giant Gannett, saw turnover fall 2.7 per cent to £56.9m in the year to December 25, 2011, despite a 12.5 per cent rise in internet advertising.”

But, reports holdthefrontpage, the group employed 60 fewer staff last year than the year before.