Irish Media market ‘yet to stablise’
Independent News & Media shareholders have been told that the company is targeting an improvement in trading profits in the second half of the year.
Chief executive Gavin O'Reilly warned shareholders at its AGM in the Aviva Stadium Dublin this morning that advertising conditions remained tough.
“We note that while advertising conditions still remain challenging and short-term, we continue to target a year-on-year improvement in Group Operating Profit for 2011, coupled with further significant deleveraging,” he said.
The update was in keeping with a trading statement last month, which showed advertising revenue for this year down almost 8pc on 2010.
INM has described the Irish market as being 'very short-term and erratic' and yet to stabilise.