Mecom's online revenues up 47 percent
European newspaper group Mecom beat market expectations with a €29.5 million (£24.6 million) pre-tax profits, or a 48 percent leap, in the first half of the year, Media Guardian reported.
Mecom, which has presence in Denmark, Poland, the Netherlands and Norway - posted its total group revenues almost flat at €708 million. Circulation revenues increased 2 percent to €280 million, which helped offset a 3 percent decline in total ad revenues.
Overall print ad revenues fell by 5 percent, while online newspaper advertising, which now contributes about 10 percent of total ad revenue, rose by 47 percent.
"We are well advanced in making the business overall more efficient," said Chief Executive David Montgomery, Reuters reported. "The new operating model is taking shape."
The company's share price surged almost 7 percent in early trading after the financial result was released.
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a €29.5 million (£24.6 million) pre-tax profits, or a 48 percent leap, in the
first half of the year, <a href="http://www.guardian.co.uk/media/2010/jul/28/mecom-online-ad-revenue-rise">Media
Guardian reported</a>.</p>
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<p class="MsoNormal">Mecom, which has presence in Denmark, Poland, the
Netherlands and Norway - posted its total group revenues almost flat at €708
million. Circulation revenues increased 2 percent to €280 million, which helped
offset a 3 percent decline in total ad revenues. </p><p class="MsoNormal"><br /></p></form></div>&title=Mecom's online revenues up 47 percent){kind=link}
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