Independent News & Media (INM) recorded revenues of €1.6 million, up 1.5% on 2005, with this reflecting underlying revenue growth in excess of 5% for both advertising and circulation within the publishing division.
However, the company saw its profits after tax fall by 13.4% to €198.4 million.
INM said that revenue gained from the €62.7 million sale of iTouch made its 2006 figures look less impressive in real terms.
In the UK operating profit was down €800,000 (£543,000) compared to 2005 primarily due to the weak advertising market in Northern Ireland and investment.
Overall UK group advertising revenues were up 0.5% in constant currency. The Independent, meanwhile, reported a 2.2% growth in advertising revenue.
The independent website saw strong growth in online revenues, up 65%.
Sir Anthony O’Reilly, chief executive, said: “The group’s singular focus on producing the highest-quality brands, products and channels relevant to its consumers in 10 major international markets, provides advertisers with the best means of connecting with their target audience. It continues to differentiate INM from both its peers and other media platforms.
“The group’s ongoing investment in its brands and its utter determination to be the low cost producer has enabled it to report yet another excellent performance in 2006, with improved margins, while producing a range of products that are best in class in all the markets in which they operate. Significantly, all operating divisions (publishing & online, radio and outdoor) achieved year on year growth in their markets.
The positive trend in 2006 has continued into 2007. Given a continuation of current trading conditions, the board remains committed to its stated objective of double-digit earnings growth.”
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