Telegraph & Argus owners, Newsquest Plc, today announced it had almost doubled its profits since it floated on the Stock Exchange nearly a year ago.

The group, England's largest publisher of local and regional newspapers, revealed that its business had grown strongly in the months following its flotation last October.

The company is spending £6.1 million on capital projects including upgrading the presses at Bradford & District Newspapers headquarters in Hall Ings, Bradford, from where it publishes the T&A and other weekly paid-for and free newspapers.

Newsquest is also investing heavily in the Internet including a This is Bradford site which went live this month.

The company, which is based in Morden, Surrey, made a pre-tax profit of £35.3 million in the 27 weeks to July 5 - almost double the figure of £18.3 million for the first half of last year.

Turnover improved from £143.6 million to £157.1 million.

The profit was ahead of market forecasts of around £33.5 million.

Executive chairman Jim Brown said: "Newsquest has continued its powerful performance since last year's flotation with strong growth across the business."

He noted that further benefits had been realised from the integration of Westminster Press - the regional newspaper group acquired from Pearson in 1996 - while gains were also made from investment in pre-press technology.

"We see further organic, acquisition and new media-based opportunities for growth and, provided there is no significant deterioration in the UK economy, the board views the prospects for the second half of 1998 with confidence," Mr Brown added.

Shareholders will receive a maiden interim dividend of 2p per share.

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