Independent News & Media expects profits 'within range of market expectations'

Independent News & Media expects profits 'within range of market expectations'

Newspaper and media group Independent News & Media PLC is holding its AGM today at 11am at the Westbury Hotel.

At the AGM, Leslie Buckley, chairman of INM, will make the following update statement: "The challenging market conditions against which INM achieved a strong performance in 2015, have, as anticipated, continued into 2016 with the print advertising market experiencing ongoing volatility.

"In the four months to the end of April, there has been continued strong growth in digital advertising revenue, but an accelerated decline in print advertising revenue.

"This has resulted in a decline in total advertising revenue.

"The declining trend in circulation revenue has remained broadly unchanged.

"We believe, however, that INM continues to outperform the market in both advertising and circulation categories and continues to grow its market share.

"The INM Group continues its focus on cost management and has identified savings to offset the decline in print revenue.

"In the four months to the end of April, total revenue continued to grow strongly primarily driven by our distribution business."

It concludes: "At this point the Board anticipates Profit before Tax performance for the full year to be within the range of market expectations."

More in this Section

Survey finds huge drop last year in firms leasing flexible office space in DublinSurvey finds huge drop last year in firms leasing flexible office space in Dublin

Business leaders warn of workers shortage in NI under new UK immigration rulesBusiness leaders warn of workers shortage in NI under new UK immigration rules

Investor BGF opens Cork office to target Munster firmsInvestor BGF opens Cork office to target Munster firms

Ryanair appeals jury’s decisionRyanair appeals jury’s decision


Lifestyle

Not all trends are created equal. Some are exciting – like first-date butterflies; others are comforting – like ice-cream and Golden Girls reruns.Trend of the Week: Floral free for all

Veterinary medicine is a demanding career, leading to mental health problems for some vets.Elephant in the clinic: Helpline offers support to vets with mental health difficulties

Pearl Lowe turns 50 in April – and she’s got a lot to celebrate. TA look into the reinvention of Pearl Lowe

Bonnie Ryan couldn’t be happier.On a roll: Why Bonnie Ryan couldn't be happier

More From The Irish Examiner