P.M. BRIEFING : Maxwell Publishing Profits Fall

British publishing and investment group Maxwell Communication Corp. PLC today reported a 10% fall in pre-tax profits to $298 million for the year to March 31.

It said revenues dropped by 10.8% to $2.15 billion from the previous year.

Group Chairman and Chief Executive Robert Maxwell said in a statement that the company had cut debt from a year high of $4.68 billion.

The company said it had transformed itself during the year from a predominantly Britain-based printer to an international publishing and information services group.

It sold its U.S. and British commercial printing operations and British newspaper contract printing operations for a total of $1.4 billion. It bought New York publisher Macmillan Inc. for $2.6 billion and Official Airline Guides for $750 million during the year.

Robert Maxwell said the group expects to derive about 80% of its sales and operating profits from North America, where it now has a similar proportion of its assets.