INM Q1 profit down

Independent News and Media (INM) has reported profit after tax and exceptionals of €87.3m for the six months to June 30, down 29.7% on the 2005 figure of €124.1m.

However, the company points out that last year’s sale of iTouch for €62.7m accounts for the decrease.

Revenue was up 3.6%, from €769.2m to €796.7m, while adjusted earnings per share (after the iTouch sale is taken into account) have shown an increase of 10.7%.

Gains were made in profits from circulation of the group’s newspapers, through increased cover charges.

Group CEO Anthony O’Reilly said: "INM’s geographically diversified portfolio of market-leading assets, across diverse multimedia platforms, continues to underpin INM’s clear and compelling international growth strategy.

"With INM’s ongoing focus on product innovation, its stated policy to be the industry’s low-cost operator and its strong spread of assets worldwide, the board is confident of reporting yet another year of superior earnings growth for 2006, in line with current market expectations.

"This performance and these prospects continue to distinguish the group from its international peers."

On the international front, INM’s focus was on India in the first quarter of this year, with the group’s Indian branch investing heavily in outdoor advertising and acquiring a number of radio licences.

Closer to home, the group is pursuing a stronger online presence, acquiring 100% of Irish website PropertyNews.com and 20% of British online gaming company Cashcade.