Independent News & Media has issued an upbeat trading statement in which it claims to be generating revenues in excess of 2002 levels and is on target to deliver encouraging interim results.
The group, which owns The Independent, The Independent on Sunday and the Belfast Telegraph, said that circulation revenues continued to grow in all markets and there were signs that advertising visibility was improving.
The statement follows year-end results which showed an 8% rise in profits at a time of general recession. INM has been cheered by the performance of its operations in Australia, New Zealand and South Africa which have compensated for falling sales in the UK.
“Assuming a mere continuation of current trading, the group’s uniquely strong brands, leading market positions, geographic diversity and greatly fortified balance sheet leaves INM well positioned to deliver a meaningful improvement in earnings for 2003, in line with market consensus forecasts,” the company said today.
Interim results are due to be announced on 10 September 2003.
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