INM revenues up 1.1pc, back in growth for first time in eight years
MEDIA group Independent News & Media has reported an increase in total group revenues of 1.1pc for the January to October period.
In an upbeat interim management statement, the company added that total advertising revenue grew by 3.7pc.
This was boosted by a 43.6pc hike in digital advertising, offsetting a 1.2pc decline in publishing advertising sales.
The growth in pre-tax profits was in line with expectations while the 1.1pc growth in revenues was an improvement on the marginal decline of 0.3pc announced in August.
Total Group revenue growth has been partially delivered through new distribution contracts, including the Irish Times, the company added.
It said it is maintaining a tight leash on overall costs while investing in its digital strategy.
INM owns this website as well as numerous publications including the Irish Independent, Sunday Independent, The Herald and Sunday World.
Robert Pitt, CEO, Independent News & Media said: “Having come through a period of significant restructuring, Independent News & Media is very happy to see this continuing positive performance in 2015. It is good to see that the growth in income is now expanded beyond advertising and circulation sales to also include distribution.”
“There was a continuation of the positive performance in total advertising revenues, reflective of improved market conditions, INM’s unique audience reach across the island of Ireland and a strong growth in digital revenues,” the statement added.
“A number of our advertising categories have recorded improved year-on-year revenues including property, magazines and features/supplements.
“Circulation declines year-on-year have lessened since the interim results, with the investment in product and increased retail activity in the third quarter, delivering this improved performance.
“INM continues to perform well in 2015 and we anticipate a full year performance in line with expectations.
“INM wishes to thank all of its employees for their ongoing hard work and dedication to the Group,” it added.
Davy Stockbrokers upgraded its earnings forecasts for iNM following the IMS today.
"We now forecast EBIT of €37.5m in 2015 and €39.5m in 2016, a 3pc and 4.5pc upgrade respectively."