At a "trading" level profits rose from £1.35m to £4.5m.
At a trading level, stripping out exceptional items, operating profits hit £2.5m in the year to the end of September 2013.
At a "trading" level, excluding items such as interest repayments and redundancy costs, the Independent and Independent on Sunday lost just £3.74m last year.
The company said that at a trading level, stripping out one-off redundancy and restructuring costs, the titles' losses were a shade under £10m last year.
But it is a highly cash-generative business; it is the biggest operator in a market where size brings clear advantages; and profit margins on the main roadside assistance business were close to 50% at the trading level last year.
At current trading levels, Microsoft is up a mere 2.4percentt from its pre-Ballmer levels.
While our quick and dirty analysis shows AIG shares to be undervalued at current trading levels, we must also note several qualitative points to consider.
Shares (NASDAQ AAPL) are now back at this same level, trading at $131.22 at the time of writing.
It's a privileged position and I think every manager is grateful to ply their trade at this level".
In the circumstances, you can understand why HSBC's shares trade at a level first seen as long ago as 1997.
