IN&M’s Australian arm to report E60m profit
In a trading update yesterday APN News & Media, 41% of which is owned by Independent, says it is due to meet the profit target after a positive third quarter of the year with buoyant advertising revenue.
APN also said the refinancing of its banking facilities has reached its final stage and will be completed by the end of December.
The new arrangements will result in significant savings for the group and, together with the interest savings arising from the additional 60 million equity raised in August, will result in reduced interest charges of 6 million on an annualised basis.
APN says the restructuring of its outdoor advertising division, which included the planned sale of its Australian posters operation is progressing, while its New Zealand radio division has acquired another broadcasting licence.
Meanwhile, INM’s London Independent newspaper has seen another rise in its circulation following the launch of a tabloid version of the paper.
The Independent’s sales were up 2.05% to 240,326 copies a day from May 26 to November 23, according to data released by the Audit Bureau of Circulations (ABC).
The Independent was the first of the British broadsheets to adopt the tabloid format, which has reversed years of dwindling sales.
The move has been followed by Rupert Murdoch’s Times and the Guardian and Telegraph are expected to follow suit soon.
Independent shares traded above 2 yesterday, up more than 50% this year.
On Thursday, Independent raised 125m through a bond issue.
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