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. Last Updated: 07/27/2016

Granada's Profits Up

LONDON -- British media and leisure company Granada Group PLC reported Wednesday a 14 percent rise in annual profits and said its current financial year had started "extremely well."

The group, which owns one-third of Britain's Independent Television and a string of hotels, restaurants and television rental shops, said pretax profits for the 52 weeks to Sept. 25 before exceptionals and digital television costs were pounds 835 million ($1.36 billion) on sales up 6 percent at pounds 4.08 billion.

Granada said that it was on track to deliver its three-year plan target of double-digit earnings growth outlined last year, with annual earnings per share before digital television losses and exceptional items up 12 percent to 31.9 pence (51.6 cents) per share. The profits came largely in line with market forecasts.