INM Delivers Strong Growth In First Half Of 2004
Independent News & Media, publisher of the Independent and the Independent On Sunday, today announced that strong revenue growth has been enjoyed across all major markets for the first half of 2004.
At today’s AGM, executive chairman Sir Anthony O’Reilly, said group total revenues are comfortably ahead of 2003, with the strong trading performance being a combination of good advertising and circulation revenues and strong underlying economic performances across each of the Group’s markets.
Like-for-like advertising revenues for the international media and communications group have been buoyant for the six month period to 30th June 2004 – up over 6.0% in constant currency terms. O’Reilly said: “We expect advertising revenues will be in line with market forecasts for the full year.”
The pre-close trading update says group circulation revenues across each of the operations continue to show solid advances on 2003 due to proactive volume and cover pricing strategies in all markets.
Group circulation revenues for the six months are expected to be up over 7% when compared to 2003. Most notably, the new compact version of the Independent in the UK, has proved very successful. O’Reilly said: “This is now firmly established after eight months, delivering a year-on-year 25%+ increase in core UK newstrade sales and thus, recording its highest circulation market share since 1996.”
The group is confident of achieving all savings targets and speaking of this O’Reilly said: “The group is firmly on track to deliver the planned annualised savings of €18.9 million on a phased basis by the end of 2005.”
Along with today’s trading update, the group also announced that O’Reilly’s current role of executive chairman will be split in to chairman and chief executive with immediate effect. Dr Brian Hillary, current chairman of UniCreditor Italiano Bank in Ireland, has been appointed non-executive chairman and O’Reilly will continue in his role as group chief executive.
Independent News & Media: 0353 1466 3200 www.independentnewsmedia.com
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