INM expects profit to exceed €350m

IRISH newspaper and publishing group Independent News & Media (INM) expects cost cuts and rising advertising revenue from growing markets to boost its operating margin to 20% by mid-2007, top executives said on Friday.

The group posted an operating margin of 17.6% for the half year to September and expects it to reach 19% by the year-end, and then 20% "within the next 18 months", chief operating officer Gavin O'Reilly said.

INM, with businesses spanning nine countries, expects group profit for 2005 to be "north of around €350 million", chief executive Anthony O'Reilly said.