INM lowers profit forecast

INDEPENDENT News & Media (INM) has lowered its full-year profit forecast for the second time this year.

In an interim management statement, published yesterday, the group said that it now expects operating profits to come in at between €170 million and €190m this year. At its annual general meeting in May, management said that profits would likely be in the range of €180m to €210m. Even before that – at the end of April – the group said that it was eyeing a figure of between €200m and €230m for this year.

In yesterday’s statement, the group’s management said that its assets are “very well positioned to benefit from any cyclical economic recovery”.