Independent Sees Ad Revenue Rise In Volatile Market

This morning saw Independent News & Media (INM) announce record interim results for the six months to 30 June 2005, with particularly strong growth by the Independent, which saw advertising revenues increase by a massive 18.5% amid what the company called a “volatile market.”

The increase was due, the publisher said, to the “substantial” uplift in core circulation copy sales throughout 2004, with the success of the paper’s new compact format a major contributing factor.

The company’s other newspaper properties also performed well, with the Belfast Telegraph increasing advertising revenue by 5.5% despite a second quarter downturn following a strong start to the year. The paper has also suffered from a slowing of economic activity in Northern Ireland, the company reported.

Overall INM saw a 9.2% increase in revenues, due in the main to the company’s publishing division, as well as good underlying growth by its radio and outdoor operations.

The company’s total revenues now stand at €800.8 million, with operating profit before exceptionals increasing by 12.4% to hit €141.0 million.

The first half of the year saw benefits from the company’s cost restructuring plan, which was fully implemented last year, moving the firm closer towards its goal of beciming a “low-cost operator”.

Further efficiency drives are expected, with the company identifying oportunities to enhance operating margins, whilst “enhancing further the competitive position of the Group’s titles”.

The latest ABC national newspaper figures show the Independent suffering a circulation dip year on year, with a 2.5% downturn year on year leaving the paper with total sales of 255,906.

Independent: 020 7005 2000 www.independent.co.uk