Sharewatch: INM Dips Ahead Of Positive Results

Independent News and Media, owner of the Independent, suffered a slight 0.18% dip yesterday, ahead of financial results today showing a 7.5% growth in aggregate operating profit before exceptional expenses.

Emap managed a 0.06% rise to close at 870p following reports yesterday that revenues at the company are expected to rise by 9% in its 2003 financial year. The cross-media group also announced the closure of J17 along with the suspension of its once iconic men’s monthly magazine, The Face (see Emap Confirms J-17 To Close And Face Suspended).

Meanwhile, Chrysalis saw the day’s largest percentage increase, rising by 3.70% to 224p following the launch of the company’s mobile division, designed to deliver music, video and other media to mobile phones.

Difficult trading yesterday was only exacerbated when the FTSE 100 closed down 0.4% at 4,318.5. The FTSE 250 fared slightly better, managing a 2.1 point rise to finish at 6,134.6.

The closing prices of media company shares on Tuesday were: