Regional press baron Peter Fowler added more than £1m to his paper fortune in the latest financial year when his Peter Press operation recorded strong growth in underlying earnings.
Accounts for the company, which owns an 80% stake in Scottish Provincial Press, show the company increased profits before tax and exceptionals by 45% to £1.4m in the year to September.
The growth in earnings reflects strong trading at Scottish Provincial, which owns a stable of 12 titles, including the John O'Groats Journal and Caithness Courier.
In their report to the accounts, directors of Peter Press said the regional papers continued to perform well.
While the latest year was marked by increasing concern about the outlook for the economy as the credit crunch deepened, Peter Press grew gross profit margins from 54.6% to 55.7%. Turnover increased 8% to £16.4m.
Directors were confident enough about the outlook for the regional papers and internet sales operations to sanction the payment of £140,000 ordinary dividends, unchanged on last year.
The 69-year-old Fowler has a 72% stake in Peter Press entitling him to £101,200 of each of the pay-outs.
Fowler's ownership of Peter Press also gives him a share in the Glencalvie estate in Ross-shire in the Highlands.
His other interests include a controlling stake in Jacobs & Johnson, which is active in farming and printing.
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