Regional newspaper and magazine publisher Archant has announced increased profits for last year.

This is the first set of full year results since Archant bought the 27 regional newspaper titles in and around London from Independent News & Media.

They show that turnover for Archant businesses was £185.6m - up 17.4 per cent on 2003 – and group operating profit was £32.7m - up 20.7 per cent on 2003, with profit before tax up 16.9 per cent at £32.4m.

In a letter to shareholders, Archant chairman Richard Jewson said it had been an exciting and profitable year.

He highlighted the clearance of the INM deal by the Competition Commission in September, and also drew attention to the "very satisfactory" share buy-back process, which enjoyed support from 99.9 per cent of shareholders who voted.

He also mentioned Archant's continued strategy of growth through acquisition, especially the purchases of Romsey Publishing Group Ltd in January and, earlier this week, a portfolio of local magazines from Highbury House plc.

He said: "The outcome for 2004 indicates that Archant shareholders' continuing support is well-founded.

"We shall continue to seek opportunities for profitable investment within our markets and expect the Group's profitability to increase in 2005 as previous investments take effect and recently introduced titles mature."

Archant produces four daily regional newspapers and more than 85 weekly titles with a combined circulation of three million copies every week.

It is a UK top five regional newspaper publisher, producing around 75 magazines and 120 websites.

It is a private company and employs around 3,000 people across England and Scotland and its head office is in Norwich.