Independent Reports Positive Results, But Below Expectations

International media group Independent News & Media (INM) has this morning reported a pre-tax profit increase of 13% to €155 million for 2000. This is slightly below most analysts’ expectations and has caused the shares to drop during trading today.

Executive chairman Anthony O’Reilly said that it is too early in the year to make any predictions for 2001, but added that “there is a general slowdown in the world economy, and particularly in the United States, which must have repercussions throughout the world. Therefore, attention to costs and the securing of economies in every way possible will be critical to our performance in this current year.”

INM owns the Independent newspaper in the UK and acquired the Belfast Telegraph from Trinity Mirror last year after beating off stiff competition from the likes of Guardian Media Group, US group Gannett and Regional Independent Media. INM says that it is ‘extremely happy’ with the progress of the Belfast Telegraph group since the acquisition in August.

UK profits were in line with the company’s expectations (if not brokers’) at €12.4 million and revenues increased by 38.5% to €210 million. The Independent and Independent on Sunday achieved continued circulation growth with audited ABC circulation highs of 240,000 (daily) and 270,000 (Sunday), the highest since 1997, says INM.

This afternoon INM stock was down 16½p at 165p.

Independent News & Media: 00 353 1873 1666