INM enjoys revenue growth for first time in eight years
Shares in Belfast Telegraph publisher Independent News & Media (INM) surged by close to 8% in early trading yesterday, after the company reported its first increase in total revenue for eight years.
The Dublin-based media group reported a 1.1% increase in total group revenues for the January to October period. In an upbeat interim management statement, the company said that total advertising revenue grew by 3.7%.
This was boosted by a 43.6% hike in digital advertising, which helped offset a 1.2% decline in publishing advertising sales.
The growth in pre-tax profits was in line with expectations, while the 1.1% growth in revenues was an improvement on the marginal decline of 0.3% that had been announced in August.
INM said it was maintaining a tight leash on overall costs while investing in its digital strategy.
Robert Pitt, chief executive of the group, added: "Having come through a period of significant restructuring, INM is very happy to see this continuing positive performance in 2015. It is good to see that the growth in income is now expanded beyond advertising and circulation sales to also include distribution.
"There was a continuation of the positive performance in total advertising revenues, reflective of improved market conditions, INM's unique audience reach across the island of Ireland and a strong growth in digital revenues," the statement added.
"A number of our advertising categories have recorded improved year-on-year revenues including property, magazines and features/supplements.
"Circulation declines year-on-year have lessened since the interim results, with the investment in product and increased retail activity in the third quarter, delivering this improved performance.
"INM continues to perform well in 2015, and we anticipate a full-year performance in line with expectations. INM wishes to thank all of its employees for their ongoing hard work and dedication to the group."