Fairfax Media shares are up 23% to 87 cents on its latest results showing a debt free media group.
The two-year share price high came on the back of results.
Since June last year, Fairfax has reduced net debt by $234 million and now has cash in the bank of $80 million.
Excluding asset sales, the company today announced a profit after tax of $93.1 million, up 12.1% compared to $83.1 million in the same period last year.
Disclosure: Allure Media, Business Insider’s publishing company, is owned by Fairfax Media.