Regional publisher Local World is continuing to generate healthy profits according to half-yearly results from its biggest investor.
DMGT said that its 38.7pc stake in the publisher generated profits of £7m in the six-month period 1 October to 31 March.
This suggests that Local World’s overall profits for the period stand at around £18m.
Today’s results suggest the company’s profit margins have grown during 2014.
In its own annual results published in March, Trinity Mirror said its 20pc share of the company generated profits of £5.1m in 2013, suggesting an overall profit for the year of £25.5m.
However today’s DMGT results show Local World is on course comfortably to exceed that figure during 2014.
The DMGT report says: “The share of profits from Local World, in which DMGT owns a 38.7% stake, was £7m in the period compared to £3m from three months of trading in the prior year, reflecting an improved profit margin.”
Local World declined to comment further on the figures.
DMGT has also announced today that it is selling its digital recruitment platform Jobsite to the Axel Springer group, and floating its property portal Zoopla on the stock exchange.
Chief executive Kevin Beatty said the company was exiting the digital recruitment market “to increase its focus on the core Mail business.”