INM's revenues rise 1.2pc as advertising income improves
Group revenues at Independent News & Media (INM) rose by 1.2pc in the year to date, the company said in an interim management statement yesterday.
The publisher of this newspaper and publications in several other countries said advertising revenue was up by 1.7pc. Total operating profit before exceptional items was up by about 10pc and the company also managed to push down operating costs by 0.2pc.
The comparisons are on a "like-for-like" basis adjusted for disposals and constant exchange rates. Disposals comprised of INM Outdoor in South Africa, 'The Independent' titles in Britain and Kurnia Outdoor in Malaysia.
INM said its publishing operations remained very profitable and continued to gain market despite the challenging environment.
"The continuing sluggishness in property and recruitment advertising is as expected, though both have shown a marginal improvement on first-half trends," INM said.
Market consensus for full-year group operating profit before exceptionals is in the range of €220m-€225m.
"INM is targeting a 2010 full-year result within this range," the statement said.
The company added that its assets were very well positioned to benefit from a cyclical economic recovery, when it occurred.
"When market conditions improve, the group's strong operating leverage, enhanced by the significant and sustainable operating cost reductions over the last three years, should translate any incremental revenue growth into an improved operating profit performance," INM said.