Total revenue grows strongly at INM in 'challenging market conditions'
Total revenue grew strongly at Independent News & Media (INM) in the first four months of the year boosted by its distribution arm, the company said today.
However, advertising revenue suffered a decline in the period, the company said.
The four months to the end of April saw continued strong growth in digital advertising revenue, but not enough to fully offset an accelerated decline in print advertising revenue, INM said in a trading statement ahead of it annual general meeting today at the Westbury Hotel in Dublin.
“The challenging market conditions against which INM achieved a strong performance in 2015, have, as anticipated, continued into 2016 with the print advertising market experiencing ongoing volatility,” INM chairman Leslie Buckley is expected to say in an update message to shareholders.
INM is Ireland’s leading media business, publishing titles including the market leading Irish Independent, Sunday Independent and Independent.ie.
Management believes the group continues to outperform the market in both advertising and circulation categories and continues to grow its market share, the company said.
INM Group said it continues its focus on cost management and has identified savings to offset the decline in print revenue.
The business has also said it is also actively in the hunt for acquisitions to diversify its revenue base.
“INM has shaped itself into a business that moves decisively and effectively and will continue to grow market share in the print business, embrace the digital opportunities through independent.ie, the leading online news offering in Ireland, and utilise our strengthened balance sheet to acquire businesses that will strengthen and diversify our offering and create shareholder value,” the company said.
In guidance INM’s board said it anticipates profit before tax performance for the full year to be within the range of market expectations.”