The rise in profits comes despite a 2.4% fall in revenue at the publisher, owned by the Barclay brothers, but was helped by a reduction in expenditure of £5.5m year on year, to £59.1m. Earnings before interest, tax depreciation and amortisation were £10.2m, up from £6m.
Cost-cutting measures have included a restructure at the newspapers, which saw the editorial desks of sister newspapers The Scotsman and Scotland on Sunday combine, with 12 redundancies. The group also owns the Edinburgh Evening News.
A statement from the company said it was well placed to respond to a recovery in the advertising market. "The company is therefore in a strong position for an upturn in the advertising environment, the signs of which have been more positive in recent months," it said.
The statement added that the company is looking to expand through acquisition. "The company also continues to look for opportunities to expand in a marketplace where consolidation continues to be a major driving force," said the statement.
As well as looking for acquisitions, the company will be looking at ways to boost the circulation of Scottish daily The Scotsman. In the last set of ABCs, for June 2003, The Scotsman had a circulation of 69,841, a year-on-year drop of 7.98%, down 3.11% on May.
However, Sunday broadsheet Scotland on Sunday had a circulation of 83,180, up 6.54% year on year, a 1.24% fall on May. Scotsman Publications is owned by the Barclay brothers, who also own The Business and Gus Home Shopping.
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