Once bitten by net, twice shy

By SIMON HENDERY

International media group Independent News & Media has reassessed its approach to the internet after being stung by last year's dotcom bubble burst, the company told New Zealand investors yesterday.

INM group finance director James Parkinson told a Wilson & Horton Holdings shareholders' briefing in Auckland that it had a 19.6 per cent increase in profit, before interest and exceptional items, last year to €224 million ($461.65 million).

But it would have been a 24 per cent increase if new media ventures had been excluded.

Wilson & Horton Holdings, wholly owned by INM, runs a stable of magazines and newspapers, including the Herald, and commercial printing operations.

Mr Parkinson said INM was developing a "hypeless" media plan for its major newspapers around the world, including the Herald, aimed at maximising the use of content and marketing opportunities to build strong online brands.

He said that although the worldwide economic uncertainty made forecasting next year's group results difficult, New Zealand financial indicators suggested that Wilson & Horton's prospects were good.

When Wilson & Horton preference shares mature in 2003, shareholders can exchange them for either $8 in cash or one INM share.