THE publisher of The Herald newspaper is reported to have enjoyed a 38 per cent increase in its profit.
Reports The Herald itself, its publisher Newsquest (Herald & Times) also saw turnover edge upwards from £56.9 million to more than £57 million. The publisher also produces the Sunday Herald and the Evening Times newspapers.
Writes deputy business editor, Greig Cameron, the accounts show pre-tax profits rose from almost £8.7 million to more than £12 million in the 2012 calendar year.
And managing director, Tim Blott, is quoted as saying the double-digit percentage increase in profits was mainly because of a £3.4 million ‘exceptional property charge’, which affected the figure in 2011.
He is further quoted, as saying: “The Herald and Times Group had another challenging year in 2012, where turnover increased marginally and profit rose but mainly because of an exceptional property charge in 2011.
“We’ve seen encouraging growth both in audience and revenue in our internet operations and our magazines business continues to do well.
“Our printing division has come under pressure in an increasingly competitive print contracts market, while our newspapers continue to compete vigorously in a crowded and volatile environment.”