Independent News & Media (INM) continued to see declines in revenue and circulation in the opening four months of the year, the effects of which were offset by growing digital revenues.
Total Group revenue for the parent company of the Irish Independent and Sunday Independent declined by 1% while revenue from circulation of its print titles dwindled by more than 4%.
Growth in digital advertising revenue of 45.6% offset the decline in circulation and traditional publishing advertising, however.
A continued reduction in operating costs with particular focus on efficiencies also helped offset the impact of reduced circulation revenues.
Market conditions have continued to improve over the period, delivering a positive impact on advertising revenue growth and profitability, INM said yesterday.
Consequently, several publishing advertising categories have recorded year-on-year positive progress including motors, holidays/travel, magazines and features/supplements.
The growth in digital advertising revenue continued the positive trajectory seen towards the latter half of 2014.
INM said 2015 had started well and indicated it remains confident that full year performance will be in line with expectations.
In March, INM announced the sale of its entire holding in Australian media company APN for almost €116m.
The entire proceeds of the divestment which represents 18.6% of APN’s issued share capital are to be used to clear the group’s debt.
The sale is being executed in two tranches — tranche 1 was completed in March 2015, while tranche 2 will complete on or around end May 2015 but, in any event, no later than June 3, 2015.
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