INM shares slide 12% on ODCE probe costs

INM shares shed 12% of their value after the media firm issued a profits warning involving the costs linked to the probe by the ODCE, the Office of the Director of Corporate Enforcement.

The warning will mean INM will likely report pre-tax profits of €25m to €26m this year, compared with market expectations of over €30m, and down from the €41.8m earned in 2016, said analyst Rachel Fox at Goodbody. “We currently forecast print advertising revenue declines of 12% and digital advertising revenue growth of 6%, both of which will now be revised downwards,” Ms Fox said.