O'Brien: INM faces 'significant challenges'

Media mogul and major Independent News & Media (INM) shareholder Denis O'Brien today issued a statement admitting the company still faced "significant challenges" but said that the new management team was working hard to address immediate issues.

The statement follows the publication of the company's annual report earlier today which saw INM post a pre-tax loss of €161.4m in the 12 months to December 31, a deterioration of 165% on the previous year.