INM narrows annual loss
Independent News & Media today reported a loss after tax of €41.1m for 2009, compared with a deficit of €159.4m the prior year.
Advertising and underlying profitability stabilised in the second half of 2009 and that trend continued into 2010, the company said.
Commenting on the full year results, INM CEO Gavin O’Reilly said: “Following the successful conclusion to our complex financial debt refinancing in 2009, it is reassuring to be able to now look forward to 2010 where we will build on the underlying profitability and real progress that INM’s operations achieved in 2009, with solid market share advances and continued efficient cost management.
“Both advertising and underlying profitability in each of our geographic regions stabilised in the second half of 2009 and that trend has continued into 2010, with certain markets already showing year-on-year operating profit growth.
"While it is still very early in the year, if these current trends continue, we would target an improvement in operating profit for 2010.
"In the immediate term, vigilant cost management and further debt reduction will remain priorities and, as economies recover, we will focus on converting our leading market share positions into revenue and operating profit growth.”