INM swings back into the black
The group generated a pre-tax profit of €4.6 million in 2010, up from a loss of €104.3m in 2009. Last year’s results, which were published yesterday, also showed a 14% rise in operating profit to €87.9m and a 3.3% increase in group revenue to €605.3m. INM’s net debt was also reduced by 17.5% — or just over €100m — to €473.6m. Earnings per share amounted to 10.6c; up from a loss per share of 39.8c in the previous year.
Chief executive Gavin O’Reilly said macroeconomic conditions in Ireland remained “subdued”. INM’s advertising revenues — which comprise 41% of group revenue — remained negative last year and are currently down 7% in the year-to-date. He said the group has been firmly re-positioned for growth; having disposed of non-core assets, including its two loss-making London newspaper titles.
