INM revenue dips in first half
Revenue Independent News & Media fell in the first half of 2012 as weak domestic market conditions and fragile confidence impacted advertising.
But the group also cut costs and grew its revenue in its digital division, with revenue up 15.2 per cent as it rolled out its GrabOne product in Ireland.
Group revenues fell 2.6 per cent on a constant currency basis to €272.2 million.
Before exceptional items operating profit was €25.4 million, a fall of €9.1 million or 26.4 per cent on the first half of 2011.
Advertising revenue fell 4.1 per cent on a group basis, with circulation revenue 1.9 per cent lower in constant currency.
“The island of Ireland continues to be adversely affected by both the weak domestic market conditions and the ongoing euro zone financial crisis,” the group said in a statement. “South Africa was impacted by fragile consumer and business confidence.
Earnings before interest and tax were €39.1 million for the period, 22.6 per cent lower than a year earlier.
The group cut its operating costs by 1.3 per cent to €246.8 million, as it implemented a number of cost saving measures in its Irish operations, including the closure of its head office in Citywest and its London office, and a voluntary redundancy scheme at the Sunday World.