INM back in profit after selloffs

THE asset disposal cycle at Independent News & Media (INM) has run its course, with ongoing debt reduction to be delivered through organic means, management said on the back of strong first half results.

The first six months of this year saw INM record a 39.2% year-on-year increase in pre-tax profit to €53.3 million (before exceptional gains) and a near 8% rise in revenues, to €656.5m. Operating profit was up by 29.2%, at €94.6m; EBITDA rose by just over 26%, to €115.6m; and earnings per share amounted to 5.4c, reversing a half-way stage loss per share of 28.2c last year.

Management also said that, while still challenging, the advertising market continued to show signs of improvement and average revenue declines were now down to single digit percentages. INM’s underlying ad revenues, for the first six months, were up by 1% on a like-for-like basis.