The company's publishing, radio and outdoor operations in Australia, New Zealand and South Africa outperformed its UK and Ireland divisions, which still saw healthy growth.
Profits climbed steeply because they had been depressed in 2003 by a €60m restructuring charge. Turnover rose 14.2% from €1.36bn to €1.56bn.
In the UK, operating profits on continuing operations, which include the Belfast Telegraph and a specialist London-based magazine division, were up 18% on 2003.
The company admitted that first-half advertising revenues at The Independent were hit by the complexities of the conversion from broadsheet to compact. However, it said ad revenues grew year on year in the last quarter of 2004 and were seeing a strong start to 2005.
The paper's strong circulation performance was continuing, with February representing the 17th consecutive month of year-on-year growth in UK newstrade and headline ABC sales.
Sir Anthony O'Reilly, Independent chief executive, said: "Following record results in 2004, trading in 2005 has continued the same positive trend. The group believes that the expected cost savings from the restructuring programme will be fully achieved during 2005 and into 2006."
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