INM posts €15.9 million operating profit in first half

PAMELA NEWENHAM

Independent News and Media (INM) has reported revenues of €157.8 million and an operating profit of €15.9 million for the first six months of the year.

The media group said its first-half revenue was marginally down on the prior year, while operating profit was in line with earnings during the same period in 2013.

INM reported digital advertising revenue growth of 30 per cent to €3.9 million, with 500 million page impressions on independent.ie to date in 2014.

Print advertising revenue in the year decreased by a 2.7 per cent or €1 million to €35.9 million. However, the company said year-on-year newspaper advertising trend continues to improve, with strong revenues from recruitment, property and inserts.

Circulation revenue declined by 2.4 per cent.

GrabOne, the group’s daily deals website recorded marginal year-on-year growth, with revenues of €1.3 million, following a strategic re-focussing on higher value deals.

INM chairman Leslie Buckley said the group continued its focus on reducing costs in the first half of the year.

“Following on from the successful implementation of Phase one of our restructuring programmes, which improved annual profitability by €26 million, a further significant cost restructuring programme is now being implemented across the group, in order to maintain group profitability.”

Claire Grady the first female editor of the Irish Independent yesterday confirmed she is stepping down from her role and "leaving INM with immediate effect".

Ian Mallon, group head of news, will take on the editor’s role in the Irish Independent on an interim basis.