Publisher puts bad year behind it

Friday 10th March 2000

Wilson & Horton's annual results announced this week looked rosy after the publisher made $161 million on foreign exchange earnings last year.

The profits made on the currency market turned around last year's $119.1 million loss into a net profit after tax of $185.8 million for 1999.

Wilson & Horton was hit by a $2.9 million Y2K compliance cost for the 12 months to December 31, 1999.

There was also a $28.4 million tax charge.

Company chairman John Maasland said the result showed trading profits in the second half of last year had bounced back as the local economy strengthened.

This had continued into 2000 as advertising volumes and commercial printing revenues had increased, he said.

Wilson & Horton chief executive John Sanders said the company planned to invest in and form joint ventures with internet companies to "harness the properties of our key information sources."

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