INM restructuring boosts profits despite revenue drop

Revenue at Irish News & Media fell by more than 6% in the 12 months to December, but restructuring of the group saw it report an operating profit of €32.7m

The huge restructuring operation saw the company reduce its net debt by more than €200m — going from €327m to €95.3m.

The company sold its South African operation, restructured its defined benefit pension schemes and issued new shares to achieve the debt reduction.