INDEPENDENT News & Media has reported a 13.5pc increase in pre-tax profits spurred on by growth in advertising revenue against the backdrop of improving market conditions in the first half of 2015.
The media group, which owns the The Herald, the Irish Independent the Sunday Independent, Sunday World and
Independent.ie, said that growth in total advertising revenue was 2.9pc year-on-year.
The pre-tax profit figure was €15.1m and was also boosted by cost management and lower interest rate costs.
Digital advertising revenue growth of 43.8pc more than offset a marginal decrease in publishing advertising revenue while total revenue was €157.3m, according to INM.
In addition, the €119.3m proceeds of the sale of its stake in Australian media group APN were used to clear group debt reducing the interest charge from €3.1m to €1.9m – the company is now in a net asset position with strong cash reserves of €35.4m.
“The first half of 2015 has been very satisfactory for Independent News & Media both from an operational perspective where we have seen a continued strong performance across our titles and from a financial perspective where we have made significant progress in addressing legacy balance sheet issues,” said chief executive Robert Pitt (pictured left).
Recent figures show that the group has a reader-connect of 2.4 million each week in print and online.
Independent.ie remains Ireland’s top site for news, according to ComScore and is set to deliver over 1 billion page impressions in 2015.