APN plans NZ float after profit jumps
APN News & Media has posted a record annual net profit of $103.5 million – up 15 per cent. Earnings before interest and tax rose 23 per cent to $169.4 million. Group revenues increased to $1.14 billion, up 11 per cent. Growth was driven by newspapers, particularly The New Zealand Herald, with advertising sales increasing and rates rising. APN, owner of regional papers and radio stations in Australia and New Zealand, is already listed on the ASX but says it's also considering listing on the NZ Stock Exchange.