Independent News & Media (INM) has announced record interim results for the six months to 30 June 2005, with particularly strong growth by the Independent, enjoying an increase of 18.5% in advertising revenues, despite a “volatile market.”
According to INM, the increase resulted from a “substantial” uplift in core circulation copy sales throughout 2004, with the success of the paper’s new compact format a major contributing factor.
The publisher’s other newspapers also performed well, with the Belfast Telegraph pushing advertising revenue up by 5.5% despite a weaker second quarter after a strong start to the year. The paper has also suffered from a slowing of economic activity in Northern Ireland.
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 becoming a “low-cost operator”.
Further efficiency drives are expected, with the company identifying opportunities to enhance operating margins, whilst “enhancing further the competitive position of the Group’s titles”.
Independent News & Media Plc had a strong 2004, experiencing robust growth across all of its sectors resulting in a 22.8% increase in operating profit to a record €285.7 million, up from €232.6 million in 2003, driven by strong advertising and circulation growth (see Independent News & Media Report Rise In Operating Profit For 2004).
Related Links
