INM has strong start to year as advertising revenues grow
Independent News & Media said the first four months of the year have gone "well" as digital advertising continues 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."
The owner of this website 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.
Advertising revenue has risen 2.9pc in the first four months of the year as digital revenues jumped 45.6pc, it added.
“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.
Group revenues have fallen 1pc in the first four months of the year as circulation revenues declined 4.2pc.
The owner of the ‘Irish Independent’ 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. “Several publishing advertising categories have recorded year‐on‐year positive progress including motors, holidays/travel, magazines and features/supplements.”