Guardian Media says hunting for acquisitions

Guardian Media says hunting for acquisitions
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First Published: Wed, Aug 01 2007. 01 27 PM IST
Updated: Wed, Aug 01 2007. 01 27 PM IST
Reuters
London: Britain’s Guardian Media Group is looking for businesses to buy, it said on Wednesday, 1 August, after recently raising around 700 million pounds ($1.4 billion) from the sale of its classified advertising arm.
Guardian Media, publisher of the Guardian and Observer newspapers, also announced a 47% rise in pretax profit from continuing operations to 97.7 million pounds for the year ended 1 April from 66.4 million pounds a year ago.
Chief executive Carolyn McCall said the company would “actively pursue” acquisition opportunities in the year ahead.
Guardian Media sold its 49.9% stake in Trader Media Group in March, valuing the whole of that business at 1.35 billion pounds.
Its year turnover rose to 716.1 million pounds from 700.3 million pounds.
The company, controlled by the Scott Trust, said operating profit before exceptional items fell 10%, primarily due to a decline in print advertising revenue, reorganisation costs and acquisition-related charges.
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First Published: Wed, Aug 01 2007. 01 27 PM IST