INM suffers 14% drop in revenues

Total group revenues at Independent News & Media were down 14% year on year on a constant basis for the twelve months to 23 October.

The group’s operating profit fell 37% year on year, with advertising revenue down 19% over the same period.

INM said however that it is seeing a stabilising of the ad market.

“Based on still limited visibility, the advertising trends experienced in September and October remain challenging and are expected to continue for the remainder of 2009,” INM said in a statement.

“As a result, assuming a continuation of these trends and seasonal factors, the full-year operating profit before exceptionals forecast for 2009 is expected to be in the range €170 million to €190 million.”

INM also revealed that it is in negotiations with investors to agree another extension to the “financial standstill” of a €200m bond originally due in May.