Independent News & Media (INM) today announced its full year results for the 12 months ended December 31, 2007.
Profit after tax before exceptional items was up 8.6% to 228.9m. Profit after tax after exceptional items was down 1.4% to €195.7m however.
Revenue in Ireland alone of €401.3m was marginally down (-0.8%) due to the loss of some high revenue, low margin distribution contracts during 2006.
However, Irish advertising and circulation revenues increased by 7.6% and 2.1% respectively year-on-year.
Group revenues increased by 2.3% year-on-year to €1.6735bn (up 3.9%).
INM’s Publishing division saw revenues up by 3.3%. Publishing advertising ahead across all markets (Ireland, Australasia, South Africa and the United Kingdom), up 5.4%.
Total circulation revenues up 0.6%.
Online revenues (including the Group’s share of associates) increased by a substantial 108.5% to €52.5m in 2007.
Outdoor revenues grew 13.1% on last year, with radio revenues up 3.4% during 2007.
Year-on-year operating costs (pre-acquisitions) were down 1.5%, despite an increase in newsprint costs.
INM took a net exceptional charge of €37.7m primarily to enable it to re-engineer its headcount and internal workflows across each of its main publishing divisions.
Headcount has reduced by more than 550 during the year, yielding annualised cost savings of approx. €19m (approx. €12m of these savings are reflected in 2007).
Group operating profit (before exceptionals) increased by 6% to €349.2m for the full year (up 7.8%).
All regions and business segments increased operating profit year-on-year. Revenue growth across the Group’s operations delivered an 80 basis point increase in the Group’s operating margin to a record 20.9% for 2007.
HOME PAGE
ARCHIVES
|