INM revenues down by 2.2% in year-to-date

Independent News & Media has reported that its group revenues are 2.2% down for the year to date, when measured on an annualised basis.

In an interim management statement, covering the year up to the end of last week, INM said yesterday that circulation revenues are down by 2.7%, on a year-on-year basis and that total print advertising revenue is down by 3.4% on the same period last year. The latter figure compares to a drop of 2.7% for the first six months of this year, while the circulation revenue decline also shows an easing, as this was down 2.4% in the first half of the year.

Moreover, management noted that its operating costs reduced by 2.9%, despite a “substantial investment” in digital activities and it said that when the impact of the closure of its Northern Ireland free-sheet business is adjusted for, underlying total advertising revenues, for the period, covering both print and online avenues actually increased by 0.4%.