INM reports 17.8pc surge in digital advertising revenues
Independent News & Media said online sales have surged while overall trading conditions "improved" thanks to stable sales in the Republic.
In a trading statement yesterday evening, the publisher of this newspaper added that it has enjoyed strong growth in some advertising categories including recruitment, property and inserts.
Shares in INM closed up 4.6pc at 15.8 cents in Dublin yesterday. The statement came after the markets closed.
The publisher said total group revenues fell 2.8pc in the first 20 weeks of the year with total newspaper revenues down 2.4pc – due mainly to declines in Northern Ireland.
Revenues fell 1pc in the Republic. The fall was offset by a 2.8pc reduction in operating costs as the company continues to cut costs.
Digital advertising revenues soared 17.8pc this year and the rate of increase is improving. The rise compares with a 14.6pc advance to the period from early January to mid-March.
"This performance is principally due to strong growth in our digital publishing operations, together with our Northern Ireland classifieds business, with GrabOne showing marginal year-to-date growth," the company added.
INM added that chief executive Vincent Crowley retired from the board yesterday and will leave the company on Friday. Mr Crowley, who announced his retirement in March, has not yet been replaced but the search continues, INM said. Until the new appointment is made, the publisher will be led by a committee consisting of chairman Leslie Buckley and board members Triona Mullane, Allan Marshall and Terry Buckley.