PA Group Annual Report 2007
RESULTS AND DIVIDEND therefore proposes not to pay a we have worked closely together and
We have made substantial investments dividend for 2007. I have come to admire his energy, his
throughout PA Group in 2007. We have motivational skills and leadership. The
invested in our new editorial distribution THE PRESS ASSOCIATION TRUST development of the operational centres
system, in our multimedia capability In recent years the activities of in Howden and in India was very much
and in our North American sports data PA Group have continued to diversify driven by his vision and determination.
business, PA SportsTicker. into commercial markets. At the 2007 Les Hinton, Executive Chairman of
This cycle of investment has resulted AGM the board agreed to amend News International Limited, resigned
in an overall fall in profitability, but the PA Group’s Articles of Association to from the board in December after
core underlying PA Group businesses include a provision allowing for the eleven years of service to become
continue to produce healthy results and creation of The Press Association Chief Executive of Dow Jones. We wish
group turnover increased significantly. Trust, which will review PA Group’s Les every success in his new role;
Group turnover in 2007 was adherence to its principles of editorial we will all miss his expertise and
£81.4 million, an increase over 2006 independence. In January 2008, the guidance. However, we are delighted
(continuing) of £5.9 million (7.8%). board announced the appointment that James Murdoch, Chairman and
Most of this increase was from the of the three trustees: John Bryant, Chief Executive, Europe and Asia,
Enterprises, particularly MeteoGroup who will act as Chairman, is former News Corporation, has accepted our
where turnover increased by £2.8 Editor-in-Chief of the Daily and invitation to join the PA Group board.
million (21%). Sunday Telegraph; Professor Peter
Total operating profit, including joint Cole is Professor of Journalism at OUTLOOK
ventures and associate, for 2007 was the University of Sheffield; and Philip Looking forward, the one thing I am
£1.4 million compared with £2.6 million Harding is the former Director of certain of for PA Group is change.
in 2006 (continuing). As highlighted English Networks and News at the The market is changing, the customer
in the 2006 accounts, the agency BBC World Service. The trustees will base is changing, and demands on our
continued to invest significantly in consult with the Editor-in-Chief and services are changing. However, I am
multimedia production. Additionally prepare an annual report on adherence confident that Paul in his new position
PA SportsTicker, acquired in mid 2006 to the principles to be included with the as Executive Chairman, together with
for a nominal amount, was budgeted annual accounts from 2008 onwards. all his colleagues, will ensure that
to be loss making in 2007. Excluding I think that we are fortunate to be PA Group meets those changes and
these areas, all parts of the business welcoming them, and their wealth of prospers. I wish everybody involved
improved profits in 2007, particularly experience, to PA Group. every success.
MeteoGroup where profits increased
by 39%. BOARD MEMBERSHIP
Despite the overall fall in profits, None of the achievements of PA Group
the tax charge in 2007 has increased would have been possible without
to £2.9 million (£2.8 million in 2006) the efforts of the dedicated staff and
because we are unable to benefit from executives, together with the help
any tax relief on the US tax losses from and guidance of the non-executive
PA SportsTicker. directors. I am grateful to all of my
After the substantial investment in colleagues who are too numerous to
the business referred to above, tax and name but I thank them all. There is
minority interests, there is a loss for the one name I must mention, however,
year of £0.7 million. This compares with and that is Paul Potts who joined
a profit of £5.4 million in 2006, which PA Group as Editor just after I became
benefited from the sale of Two-Ten Chairman. This year Paul will become
Communications. The Board Executive Chairman. Over the years
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