INM — publisher of the Irish Independent and Sunday Independent — saw revenue to the end of December last fall to €318.7m, from €322.4m the previous year.
Operating profits rose 4% to €34m, however, as increased revenue from online advertising helped the group overcome falling print circulation (-2% year-on-year) across some of its titles.
Print revenue fell €2.2m to €105.4m, while digital advertising, which accounts for 11% of total advertising revenue, increased by 37.5%.
Redundancy costs amounted to almost €9.3m in 2014, as the impact of cost- cutting measures was felt.
Earlier this year, INM told employees it is to seek further redundancies affecting approximately one in eight of its editorial staff as part of a realignment and centralisation of its news production.
The redundancy costs accounted for a sizeable proportion of the almost €30m exceptional charge incurred in 2014, with a €500,000 charge of its education business also included.
“As part of our strategy, there was continued progress achieved in removing costs from the business, which had the dual effect of reducing the impact of a year-on-year decline in revenue on profit, whilst also enabling significant investment in our expanding digital offering,” INM chief executive Robert Pitt said.