INM profits fall 23% in a year 'in line with expectations'

Media group Independent News and Media (INM) has published pre-tax profits of €11.5m.

The figures which reflect business in the first six months of the year are in line with market expectations.

However, they are nearly 23% lower than profits for the same time in 2017.

Murdoch MacLennan, Chairman of INM, said: “Despite the challenges facing INM, the Group generated a profit before tax of €11.5m during the period in line with expectations, while our full-year forecast remains unchanged.

"The Group’s new strategy is also making progress and a new Senior Executive Team has been put in place to support our Group CEO, Michael Doorly, as he leads its implementation.

"Our balance sheet remains strong and we continue to explore new avenues to develop profitable revenue streams to support our core business."