INM Boosted By Strong Southern Hemisphere Figures
Advertising revenues at Independent News & Media (INM), the group which owns the Independent newspaper, rose by 6.8% during the first half of the year, buoyed by a strong performance in its southern hemisphere operations.
INM has businesses in five primary markets – Australia, Ireland, New Zealand, South Africa and the UK. Turnover across these regions rose by 3.9% to €659.6 million, as ad volumes and rates continued to improve, particularly Australia, New Zealand and South Africa. Profit after tax, at €47.7 million, was up 8.4% year on year.
The tough advertising conditions in the UK pushed profits down by 10.9% to £5.7 million, on advertising revenues down by 3.3%.
Following further revenue improvements in Q2, INM says that advertising visibility has improved and its circulation revenues remain buoyant. It is predicting an improvement in earnings for the full year, in line with market forecasts.
Shares in INM were down by 2.5% at 118p by 11.30 this morning.
