Mirror group reaches record profits

Mirror Group, which has a 46.4 per cent stake in Newspaper Publishing, owner of The Independent, yesterday posted record profits of pounds 82.2m for 1996, up 6.6 per cent. Operating losses at The Independent and its sister title, the Independent on Sunday, were cut by 43 per cent while revenue rose almost 13 per cent.

Mirror Group said The Independent's losses were at least half those of the Guardian and its Sunday stablemate, the Observer.

Analysts reckon that the Guardian/Observer racked up losses of about pounds 11m last year. Patrick Tooher

Mirror Group results, page 21