INM digital advertising soars 46pc so far this year
Independent News & Media said the first four months of the year went "well" as digital advertising continued to soar.
"We are pleased with the company's performance year to date, notwithstanding certain challenges in the media sector," INM chairman Leslie Buckley said in a statement to the stock exchange. "INM is in a strong position as we proceed with our plans for future investment. Our focus remains to maintain and grow INM's position as the leading newspaper and media group in Ireland." Shares in the company rose 1pc to 18.9 cents following the news.
Davy Stockbrokers analyst Robert Stokes said the news was encouraging. "Market conditions have continued to improve over the period, delivering a positive impact on advertising revenue growth and profitability," he added. The owner of this newspaper is close to repaying all its debts after selling a shareholding in Australian media group APN for more than €115m.
The sale will be completed by early June and the proceeds will be used to repay all INM's debts and make investments, INM said previously.
Advertising revenue rose 2.9pc in the first four months of the year as digital revenues jumped 45.6pc. "This growth has been driven by the continued shift of advertising budgets to digital, the increased monetisation of advertising space via new technology platforms and the roll-out of new digital products," the company said.
Print categories such as motors, holidays, travel, magazines and features also saw a rise in advertising.
Group revenues fell 1pc in the first four months of the year as circulation revenues declined 4.2pc.
The owner of 'The Herald' and 'Sunday Independent' added that it has continued to cut operating costs while also investing in the company's businesses.
"Market conditions have continued to improve over the period, delivering a positive impact on advertising revenue growth and profitability," the company said in the statement.