INM sees total group revenues fall almost 3%

Total group revenues at Independent News & Media are down by nearly 3% in the year to date on an annualised basis.

In an interim management statement, covering the first 20 weeks of 2014, the publishing group said yesterday that it has seen total newspaper advertising revenues dip by 2.4%, year-on-year, but digital ad revenue increased by just under 18%. Total circulation revenue is down by 2.5%.

Saying that, however, management said that trading conditions, since the announcement of its 2013 annual results in March (when revenue declines of over 6% and flat pre-exceptional operating profits were noted), have improved “on the trends experienced up to that date”.

“A number of newspaper advertising categories have shown strong year-to-date growth, with recruitment, property and inserts showing the largest year-on-year revenue increases.

“The reduction in newspaper advertising revenue, in the year-to-date, is primarily related to the performance of our Northern Irish operations, with the Republic of Ireland newspaper business showing a year-to-date decline of 1%,” the statement said.

Despite the continued revenue declines and a substantial investment in INM’s digital operations — intended to position the business for future growth — the impact on profitability has been largely mitigated by continued cost reductions. Operating costs have been cut by nearly 3% year-on-year so far during 2014.