INM half-year profit down

INDEPENDENT News and Media Group chief Gavin O’Reilly has reported a half year operating profit of €23.1 million, down from €46.3m on the same period last year.

However, the Dublin based publisher posted first-half net loss of €17.5m, compared with a €27m profit a year ago. Its net debt is down by €91m from €543.2m to €452.1m.

Revenue for the group fell by 12% to €284.6m, mainly because of the disposal of the London Independent titles last year and the still weak domestic demand in Ireland.