Mecom sees profits surge
European newspaper group Mecom posted a 48 per cent leap in first-half operating profit yesterday as it continued to drive costs out of the business as part of an aggressive move from traditional print to online local content. Mecom said advertising revenue fell three per cent but online newspaper advertising grew 47 per cent, with 5.7 per cent of group sales now generated online. Circulation revenue rose two per cent. EBITDA rose to £70.1m in the six months to the end of June despite a two per cent fall in revenue to £708m.