INM stock down 15%

Independent News and Media stock price closed down 15% yesterday after a turbulent day of trading that at one stage had seen the company lose almost a quarter of its value and fall to 4.1c.

The shares were heavily traded during the day with more than 6.3 million shares changing hands on the Irish Stock Exchange following the company’s half-year results which reported a pre-tax loss of €9.6m, a vast improvement on the €161.2m pre-tax loss for the same period last year.

The media group said its half year revenue was down 8.2% to €164m. But it said that it reduced its operating costs by €15.9m — a fall of 9.6% in the six-month period.