Independent News & Media Profits Dip In Tough Ad Climate
Advertising revenue at Independent News & Media (INM) – publisher of the Independent newspaper in the UK – fell by 6.8% during the first half of the year, whilst circulation revenues grew by 2.1% on 0.5% rise in volume market share.
The tough ad conditions saw pre-tax profits dip 10.2% to E51.7 million in the six months to 30 June 2002; turnover declined by 3.2% to E635.1 million. Turnover and operating profit, down 6.0%, were both affected by a devaluation of the South African rand.
INM says that its UK operations outperformed the majority of its competitors, thanks to a strong contribution from the Northern Ireland division, which has been largely immune to the soft advertising conditions.
At 10:30am today shares in Independent News & Media were unchanged at 90½p.
