INM shares plunge 14% on profits warning

Costs associated with probes into corporate governance helped to damage profits at Independent News and Media, the group has said.

In a trading update, the media firm warned of “a material reduction” in its full-year profits. The shares fell sharply to end 14% lower, valuing INM at €151m.

It cited as primary reasons various market challenges: Falling circulation and readership levels, a decline in advertising revenue, lower-than-expected digital revenue growth, and Brexit uncertainty.