Regional publisher Local World turned in a profits increase during 2014 according to a financial report by one of its main shareholders.
DMGT, which owns 38.7pc of the company, revealed in its results for the year ending 30 September that LW contributed £15m towards its profits in 2014.
The figure represents a small increase on the £11m profit delivered in LW’s first nine months of operation up to 30 September 2013.
Given the level of DMGT’s shareholding, the 2014 figure of £15m would suggest LW made an overall profit in excess of £38m over the period.
The DMGT report said: “Local World delivered a robust performance and DMGT’s c.39pc share of operating profits was £15m for the year compared to £11m for the nine months post its formation in December 2012.
“Local World continued to increase operating profit despite declining revenues.”
DMGT sold its former regional subsidiary Northcliffe Media to Local World at the end of 2012 in return for its 38.7pc stake in the new company, which also included the former Iliffe News and Media stable.
Local World, whose own financial year ends on 31 December, has declined to comment further.
Overall, DMGT reported growth of 5pc in underlying revenue and 15pc in underlying operating profit for the period, posting an overall pre-tax profit of £291m.