INM reports rise in online revenue
INDEPENDENT News and Media (INM) has reported an improvement in advertising revenue since June.
The company, which publishes the Herald, Irish Independent, Sunday Independent and independent.ie, said that online revenues increased by 18.2pc. This has resulted in a growth of 11.9pc for the year to date, as the company repositions for a digital-first strategy.
The rate of decline of newspaper ad revenues slowed to 8.1pc, compared to 14.6pc in the first six months of the year.
The positive news was revealed in an interim management statement, announced yesterday by INM CEO Vincent Crowley (right), for the 41 weeks to October 11. INM said the Irish economy still has challenges ahead, but that consumer sentiment has improved, property prices are showing signs of stabilisation and forecasts indicate Irish economic growth next year and beyond.
The company said a cost reduction of 8.3pc in the year to date, contributed to a 3.8pc increase in operating profits. It said it intends to pursue further cost-saving opportunities through "ongoing process review and improvement". The group is also restructuring its Irish defined benefit pension schemes, which involved a reduction of members' accrued pension benefits. The move saw a reduction in the pension deficit of about €110m.