INM addition helps Mediahuis increase revenues to €857.9m
Group posted earnings after taxes of €50.7m last year
INM will finish printing at its Citywest plant this spring. Photograph: Eric Luke
The addition of Independent News and Media (INM) to the Mediahuis portfolio helped revenue at the media organisation rise 5 per cent to €857.9 million last year.
The Belgium-headquartered company, which acquired Irish Independent owner INM in July last year, issued results for 2019 on Thursday. It posted earnings after taxes of €50.7 million.
The publisher, which recently introduced paid digital subscriptions for some Irish titles within its portfolio, said a digital subscription service will be rolled out for the Belfast Telegraph in the third quarter of this year. A report on the company’s website independent.ie said it had surpassed 5,000 subscriptions since it introduced a paywall earlier this month.
Mediahuis is adding to its Irish capabilities, but it is also shutting its flagship printing plant in Dublin. Last autumn, the company announced it would close its Citywest printing site, and on Thursday it said it would close the plant this spring. After that its print activities will take place in its Cork and Newry sites.
Reorganisation in the company, together with the acquisition costs of INM, had a €20 million negative impact on the company’s profit after tax, which came in at €15 million.
“This ambition, combined with our belief in strong, independent journalism and in the power of our group to guide brands through the digital transformation, ensures that Mediahuis has all the assets necessary to develop further into a strong European media company.”
In Ireland it also controls the Herald, the Sunday World, the Daily Star and regional titles such as the Kerryman.