Independent News & Media returns to profit for the first half of 2010

Independent News & Media (INM) has reported pre-tax profits of €63 million (£51.6 million) for the first half of the year.

By comparison, INM reported a pre tax loss of €31 million for the year 2009.

Total revenues were up 7.8% year-on-year, to €656 million.

There was also a 26% improvement in operating profits, not including exceptional items, to €94.6m.

INM group chief executive, Gavin O’Reilly, said: “After an extremely difficult 2009, we’ve had a very good start to 2010, achieving a number of important milestones in revenue growth, market share, profitability and further deleveraging.

“As there have been a number of changes to our asset base, it is most pleasing to note an underlying 1% increase in advertising and an improving trendline occurring in all of our markets, albeit at different speeds.

“Positive year-on-year advertising trends, as well as solid performances in circulation and other revenues, have continued to improve through the opening months of the second half.

“Profits for the second half to date continue to be well ahead of last year. This gives us confidence for the balance of 2010, and assuming a continuation of these positives, we are targeting an improved operating performance for the year, in line with current market expectations.”