‘INM needs urgent restructuring’

Independent News & Media said it will need urgent and substantial restructuring in response to high levels of debt and tough trading, which have deteriorated further since July.

The company warned in August its operating profit would fall sharply this year as advertising revenue shrinks, following a difficult first half in which senior executives were pushed out by a change in ownership.

The company said group revenue fell 3% year-on-year in the 45 weeks to Nov 9 in constant currency terms, while advertising revenues dropped 5.4%.