The Board of Independent News & Media PLC today announced preliminary results for the year ended 31st December 2001.

Despite the hesitant global advertising market - which some commentators have described as the 'worst post-war slump' - the Group continued to outperform its media peer group, reporting turnover of .1.34 billion and operating profits (before exceptionals) of .220 million, marginally below the 2000 levels. In constant currency terms, turnover was up 6% and operating profit (before exceptionals) increased by 4%, underlining the solid performances achieved in each of its geographically diversified operating bases. The Group's results include an exceptional charge of .90.1m against its new media investments - including Chorus - and other assets.