INM reports increase in first-half profits

Independent News & Media has reported a rise in first-half operating profits.

INM reports increase in first-half profits

Independent News & Media has reported a rise in first-half operating profits.

The company said profits rose 8.6% to €15.2m, helped by cost cutting.

However, its revenues in the six months to the end of June fell 8.2% to €164m.

INM said its restructuring plan is on track and that it plans to raise €40m from shareholders to help reduce debt.

Chief Executive of Independent News and Media, Vincent Crowley, says the rate of decline in advertising has slowed, which is helping the sector.

Up to June, advertising was down about 13%. But since then - in June July and August - advertising is down about 3 or 4%. So the rate of decline has slowed quite considerably," he said.

Crowley also said the company's newspaper titles are performing well despite a drop in circulation figures.

"Circulation of our main titles - Irish Independent, Sunday Independent, etc - were down 2 or 3%," he said, "which, you know, frankly, is a very good performance: better than or peers and certainly better than the international experience.

"So there's quite a bit of resilience in those numbers."

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