Independent News & Media revenues fall 5.1%

Independent News & Media revenues fall 5.1%

Independent News & Media has said group revenue fell by 5.1% in the first quarter of the year.

Advertising revenue was down by 7.9% and circulation revenue fell by 1.5% compared to the same period in 2010.

In a statement, the company said: "April performance was impacted by an unusually high number and confluence of public holidays in each of our markets, with normal business patterns disrupted around the Easter period.

"However, normal trading patterns now appear to be returning and the group's leading titles continue to focus on maximising market share."

In the first 18 weeks of 2011, the Group generated free cashflow of €27.3m, thereby reducing net debt to €446.3m, compared to €473.6m at end of 2010.

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