Sharewatch: INM Soars Following Strong First Half Growth
Independent News & Media saw impressive performance last week, rising by 7.03% analysis to close at 137p on Friday. The company recently announced that strong revenue growth has been enjoyed across all major markets for the first half of 2004.
Executive chairman of INM, Sir Anthony O’Reilly, revealed that total revenues for the newspaper group are comfortably ahead of those during 2003. A combination of strong advertising and circulation revenues, as well as positive economic performances are understood to have contributed to the rises (see INM Delivers Strong Growth In First Half Of 2004).
Meanwhile, satellite broadcaster BSkyB experienced a 0.41% week on week rise as reports revealed the firm to be in talks with sports cable network ESPN over the launch of a special version of its 24-hour sports channel in the UK (see ESPN Could Launch Round The Clock Sports Channel).
Elsewhere in the television sector, ITV experienced negative growth, dipping by 1.97% to 112źp despite news that the company could receive a significant financial boost over the next few years if media regulator Ofcom goes ahead with proposals to cut the company’s licence fee by more than 40% (see ITV Could Receive Boost From 40% Cut In Licence Fees).
The closing prices of media company shares on Friday were:
