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The figure of £24.9m profit excludes tax, finance costs, amortisation and developments.

It invested a total of £11.7m in the acquisitions and new launches, including Independent Nurse.

The publishing and events group, which owns Brand Republic, made several acquisitions during 2004, including German publisher Thalacker and Environmental Data Services.

It has continued the process in 2005, entering the women's lifestyle market in January by purchasing Eve from BBC Worldwide. The magazine has been redesigned, increasing its focus on fashion and beauty, and the next ABC figures will show a circulation increase.

Lord Heseltine, the chairman and founder of Haymarket, said: "As anticipated, our business publishing activities have continued to enjoy more encouraging market conditions in the first half of 2005 and we are confident.

"In the consumer market, the picture is somewhat patchy, in line with the overall experiences of other publishers, as many major advertisers adopt a more cautious approach."

Haymarket also invested in relaunches for ±±¾©Èü³µpk10, Marketing and PR Week during 2004, and followed up with the acquisition of four titles, including Media Week, from Quantum Business Media in May this year.

The next stage for the company is to consolidate its portfolio and grow organically, according to Lord Heseltine. However, he said it would invest in new brand extensions and media platforms, as well as licensing opportunities.

The company currently has 83 licensed editions of its titles appearing in 27 languages in 34 countries. This includes recent agreements for ±±¾©Èü³µpk10 in the Middle East and Romania, and Eve in Indonesia.

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