Independent News & Media PLC Group Chief Operating Officer Gavin O'Reilly Talks to the Wall Street Transcript.Business Editors NEW YORK--(BUSINESS WIRE)--April 29, 2003 The Wall Street Transcript has published an in-depth interview with Gavin O'Reilly, Group Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Independent News & Media PLC (London: INWS INWS Interservice Nuclear Weapons School INWS Intermittent No Work Scheduled .L), in which he talks at length about the Company's future. The entire 2,500 word interview is available free online at http://www.twst.com/ceos.htm. Gavin gives an overview of the Company, "Independent is an international media group with operations in Australia, Ireland, United Kingdom, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . We also have some smaller investments, but these are the five main geographical bases. The Group originally started trading in Ireland and, based on the cash flows from the Irish operations, expanded overseas very much with the objective of being geographically diversified, which I think, has stood us in good stead stead n. 1. The place, position, or function properly or customarily occupied by another. 2. Advantage; service; purpose: "His personal relationship with the electorate stands in good stead" ." Gavin explains, "We expect to show a meaningful improvement for 2003 in profits. When pushed on that, we said our short term EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. targets and dividend targets would be at least 10+%. Coupled with that, we would have medium term margin aspirations of 20%, which we could see in the next 2-3 years. But in terms of advertising and giving guidance to the market, we said again that we are trading in line with our above market expectations currently; we are ahead of the first quarter of 2002; and looking forward, we said that advertising revenue was expected to be up mid single digit." Looking forward, Gavin says, "1. A clear track record. We beat all the market expectations on an operating level and on an EPS basis. 2. Our prospects. 2003 has started off surprisingly well; certainly, surprisingly well as far as the market is concerned. 3. A recapitalised company. We have greatly fortified fortified (fôrt  ´fīd),adj containing additives more potent than the principal ingredient. our balance sheet and so I think any concerns that people may have had over equity risk are diminished." This interview is part of Consumer sector of the Wall Street Transcript, available at www.twst.com or 212/952-7433. The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For subscription information call 800/246-7673. |
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