Robert Pitt appointed to the board of INM
The country's leading media group, Independent News & Media (INM), has appointed chief executive Robert Pitt to join its board of directors.
Robert Pitt (45) joined INM as group chief executive in September 2014 following senior roles in Central Europe and China.
INM publishes the country's market-leading newspapers including the Irish Independent and Sunday Independent as well as the independent.ie website.
INM chairman Leslie Buckley welcomed Mr Pitt to the board yesterday.
"The board is delighted to announce the appointment of Robert Pitt as a director of the company," Mr Buckley said. "He has been with INM for almost 18 months and has successfully overseen a number of considerable changes in a continually challenging period for the business and for the news publishing sector as a whole.
"The company now looks forward to Robert's added positive contribution at board level."
Prior to joining INM, Mr Pitt held senior management roles in the retail sector in central Europe at Tesco and Lidl. He is a graduate of UCD and is married with four children.
In half-year results last August INM reported a 13.5pc increase in pre-tax profits spurred on by growth in advertising revenue against the backdrop of improving market conditions as the domestic economy revives.
Stockbrokers Davy this month tipped the company as one of its picks for 2016.
Davy said that INM's balance sheet is in good health, with over €40m of net cash expected to be on the books by the end of the 2015 financial year, increasing to €70m by the end of this year.
"We expect the group to generate free cash flow of over €27m in 2016, implying a free cash flow yield of 11.6pc.
"The strength of its balance sheet and cash flow will provide management with the ability to pursue acquisition targets and/or potentially look to return cash to shareholders," Davy said.