Regional publisher Local World saw an increase in profits for the six months to the end of March, according to a financial report by one of its key shareholders.
DMGT’s half-yearly report released today shows that it received £8m in profits from its share of Local World for the six months from 1 October.
This was up from £7m for the same period last year and reflected “an improved profit margin” according to the report.
The group owns almost 39pc of the regional publisher so its latest half-yearly figures suggest that Local World made an overall profit of around £20m during the six months.
DMGT sold its former regional subsidiary Northcliffe Media to Local World at the end of 2012 in return for a 38.7pc stake in the new company, which also included titles previously belonging to Iliffe News and Media.
Annual results for the 2014 financial year, which ended last September, showed that Local World made a £15m contribution to DMGT profits, although this included some one-off dividends.
The DMGT half-yearly report says: “The share of profits from Local World, in which DMGT owns a 39pc stake, was £8m in the period compared to £7m in the prior year, reflecting an improved profit margin.”
It said that during the six months, Local World was charged £0.4m by DMGT for rent and service charges in relation to its properties, compared to £0.2m for the same period last year.
Local World declined to comment on the figures.