The collective operating costs of the Independent, IoS and i newspapers fell by a third, to £12.3m, in the 12 months to September 2013.
The publisher, Evgeny Lebedev’s Independent Print Ltd, now believes it is on track to slash that total again to £5m in the year to come. It cited ‘one-off’ redundancies and other restructuring costs for the turnaround.
Its other paper, the London Evening Standard, which it turned into a freesheet four years ago, saw profits climb from £82,000 to £2m. And the independent.co.uk website moved from a £222,000 loss to a profit of £449,000.