Independent News & Media recorded an increase in revenue of 3.6% to €796.7 million for the six months to June 30, with growth driven primarily by the publishing division (4.2%).
The company’s interim statement, released today also showed good underlying increases in both circulation (5.5%) and advertising (3.8%) revenues.
Independent News & Media said that there was strong underlying trade performance across the group, especially in South Africa, delivering a 4.9% improvement in operating profit before exceptionals.
A strong online performance was also recorded, with the company’s online portfolio enhanced by the acquisition of 100% of PropertyNews.com, the largest property website in Ireland, and the acquisition of 20% of Cashcade Ltd, a UK online gaming company.
The UK reported revenue of €107.8 million for the first six months of 2006, an increase of 3.4% over the same period last year.
Sir Anthony O’Reilly, chief executive of Independent News & Media, said: “INM’s geographically diversified portfolio of market-leading assets, across diverse multi-media platforms, continues to underpin INM’s clear and compelling international growth strategy.
“With INM’s ongoing focus on product innovation, its stated policy to be the industry’s low cost operator and its strong spread of assets worldwide, the board is confident of reporting yet another year of superior earnings growth for 2006, in line with current market expectations.
“This performance and these prospects continue to distinguish the group from its international peers.”
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