Independent shares firm on 'great results'
Describing interim figures from Independent News & Media as "a great set of results", chief executive officer Gavin O'Reilly said that the good numbers underlined that it was "not all doom and gloom in Ireland".
Revealing that two of the group's bondholders had actually increased their stakes in the company, the global media group's top executive insisted that "people internationally are hugely impressed by what the Government has done".
Mr O'Reilly told a news conference on Friday that all the Irish regional titles were in profit and that "all the metrics are now moving the right way". This included the company's net debt, which had fallen by €360m in the past year.
An encouraging recovery in advertising in the first half of 2010 meant pre-tax profits of €53.3m, up nearly 40 per cent.
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