INM boss predicts a U-shaped recovery
Published 28/08/2011 | 05:00
THE Irish economic recovery may be "U-shaped", according to Independent News and Media chief executive Gavin O'Reilly.
"We're not looking at a V-shaped recovery, more likely a U-shaped one," he said after the release of interim results last Friday. "And I think we're probably on the right side of the U."
Media companies like INM are a barometer for consumer confidence. "We hope the worst is over. It does feel like it's not getting worse," he added.
Shares rose 40 per cent last week, as interim results released Friday hit targets. "Every single one of our titles is profitable," he said.
"In what has been an extremely tough environment, we are doing everything we said we'd do," according to O'Reilly, pointing to major inroads in debt reduction, increasing operating margins, market share increases and successful digital initiatives.
The INM boss noted that there was "improving sentiment" about Ireland as an investment case.
Sunday Indo Business