The owner of the Daily Express, Sunday Express and Daily Star national newspapers has reported a pre-tax profit of £54.85m, on turnover of more than £280m, in the year ending 31 December, 2007.
Turnover in 2006 was more than £275m, but profits were significantly lower, at just £8.9m, largely courtesy of the group's chairman Richard Desmond's £32m pension contributions that year.
The group, which has been in dispute with its journalists over pay rises, increased its salary payout from £37.5m to more than £38m last year, while administrative expenses reduced from more than £131m to nearly £91m.
The Daily Express - which, unlike its rival the Daily Mail, has not increased its cover price in England - has suffered from a slump in circulation in recent times.
Its April ABC figure shows a circulation of 727,180 copies, a year-on-year fall of 4.33%, while the Sunday Express fell 8.85% to 673,840 over the same period.
Express Newspapers' financial results follow those of News International-owned The Times, which saw its losses almost half to £43.9m in the year to the end of June 2007.
United Kingdom
Express in £55m profit boost
LONDON - Express Newspapers has reported around a six-fold increase in pre-tax profits for last year, which swelled to nearly £55m, according to accounts filed at Companies House.
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