Belfast Telegraph owner targeting acquisitions, AGM told
Using its strong balance sheet to make acquisitions is the best way to build value for shareholders at Belfast Telegraph owner Independent News & Media (INM), chief executive Robert Pitt said yesterday.
Speaking at a well-attended annual general meeting at the Westbury Hotel in Dublin, Mr Pitt said targeted acquisitions will diversify the media group's revenue base for the future.
Revenue at INM rose last year for the first time in eight years, shareholders heard at the meeting chaired by senior independent director Jerome Kennedy.
Total revenue grew strongly at INM in the first four months of this year, boosted by its distribution arm, the company said yesterday.
"We are back in growth," Robert Pitt told shareholders at the AGM.
However, advertising revenue has suffered a decline, Mr Pitt added.
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.