INM shares fall on CEO payoff-driven profit slump

Independent News and Media (INM) shares have fallen almost 2% in reaction to the group saying rising costs, including a €1.5m payoff to former chief executive Robert Pitt, sent profits plunging last year. The Irish Independent, Sunday Independent and Sunday World owner said pre-tax profits, for 2017, fell by nearly 32% to €28.5m, and revenue tumbled by 9.4% to €293m.

By Geoff Percival

Independent News and Media (INM) shares have fallen almost 2% in reaction to the group saying rising costs, including a €1.5m payoff to former chief executive Robert Pitt, sent profits plunging last year.