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.

INM chief executive Robert Pitt did not back a vote to re-elect chairman Leslie Buckley at the company’s highly charged AGM.

Independent News & Media (INM) chief Robert Pitt used whistleblowing legislation to complain around the time a dispute raged inside the media firm over the potential acquisition of Newstalk, it has emerged.

Up to 89 jobs are being cut in Belfast as Independent News and Media has announced it is to close its printing operation in the city.