Independent News and Media’s released its half year results to the stock market, reporting a pre-exceptional operating profit of €25.4m (£20m).
Earnings before interest and tax were €39.1m (£30m) but it also suffered exceptional charges of €163.7m (£130m) driven by non-cash asset impairments in the APN unit Australia and by operations in Ireland.
“The island of Ireland continues to be adversely affected by both the weak domestic market conditions and the ongoing eurozone financial crisis,” the company said in a statement issued yesterday. “South Africa was impacted by fragile consumer and business confidence.”
Digital revenue rose 17.6%. Independent.ie is now ranked as Ireland's No1 read online news publishing site. The company said that a new board appointed last week delivers what it describes as an “appropriate balance of skills and experience”.
INM closed offices in Citywest in Dublin and moved staff into its Talbot Street HQ. It also introduced a voluntary redundancy programme in The Sunday World and reduced Belfast Telegraph printing costs.