Independent News & Media (INM) has forecast that its group advertising revenues will be up by over 3.5%, in its trading update for the six month period ending 30th June 2006.
The trading report said that group revenue is expected to be ahead year-on-year by over 3%, with group circulation revenues forecast to be up by over 3%. The report puts the growth down to the good global management of operating costs, despite European newsprint cost increases, which reflect the flow through benefits of prior years cost reductions.
The company expects online revenue to increase as it becomes a more active participant in that field. Earlier this year INM bought the entire issued share capital of PropertyNews.com, along with the PropertyNews monthly newspaper, with the aim of the acquisition being to make INM the number one classified website in every market in which it operates (see Independent News & Media PLC Extends Reach In Property Field).
Sir Anthony O’Reilly, the group’s chief executive officer, said: “As we confirmed at our AGM on 8th June, INM, as a global media organisation, is unique in that it operates market leading newspaper brands in some of the world’s fastest growing economies. Our multimedia, multilingual and multi-market strategy for growth, combined with our low cost ethos, gives us confidence in our ability to deliver another year of superior earnings growth. Early results for 2006 are fully in line with expectations and we look forward to another successful year of double-digit earnings growth.”
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