INM sees 52% dip in profits

Independent News & Media has announced a 52% drop in operating profits to €73.2m (from €153.8m) for the six months to the end of June.

After-tax losses amounted to €34.7m in the period. Earnings per share are 1.4c from 7.5c.

The group said its 14.9% dip in group revenue to €608.8m was "a resilient performance in exceptionally challenging market conditions".

Total advertising revenues were down by 19.6%. Circulation revenues declined slightly by 0.1%.

As part of its assets disposal programme, INM sold its shareholding in Cashcade and 7.3% of Jagran Prakashan Limited (India) by July, with net proceeds of €37m. Disposal processes of INM Outdoor and Verivox are continuing and are expected to generate more than €110m, bringing total proceeds from the asset disposal programme to nearly €150m as previously guided.

The freesheet, Herald AM is to be merged with Metro, subject to Competition Authority approval, while the group’s online editorial and classified portals saw a 39% increase in unique users.