Independent News & Media saw pre-tax profits at its UK division fall 26.9% for the first half of the year.
Independent News & Media UK reported pre-tax profits of €4.7 million (£3.7 million) for the first six months of 2008, down from €7.3 million (£5.8 million) a year earlier.
UK revenues totalled €115.6 million (£92.2 million) in the first half, down from €134.6 million (£107.3 million) in the same period in 2007.
Overall company revenue in the six months ending June 30 was €780.4 million, down 3.7% on the same period last year, while operating profit before exceptional items was £153.8 million, down from £154.6m in the same period in 2007.
Sir Anthony O’Reilly, group chief executive officer, said: “The current economic climate presents a challenge to all media companies throughout the world. It also presents opportunities, not least the potential for joint ventures, shared investments, mergers and divestments which may change perceptions of the structure and nature of media.
“The pattern of these unusual structural opportunities will, we believe, be of benefit to shareholders, and bring renewed confidence back to the sector as the global economy goes through its present recessionary period.
“While it is difficult to forecast advertising revenues reliably for the second half – as we have only experienced the two traditionally quiet summer months – trading in the next three months leading up to Christmas, will be critical in determining the full year result. However, as second half comparators are easier and, assuming a continuation of the first half advertising trends, INM believes that it will achieve profits in line with consensus forecasts for the full year.”
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