INM reports 2016 first half profits of £16m
Belfast Telegraph publisher Independent News & Media (INM) has reported a profit before tax of €18.5m (£16m) for the six months to the end of June 2016. The company's cash balance at the end of June was €62.4m (£53.2m).
The cash balance rose even after the impact of the weaker sterling and the use of funds to buy four leading magazines from Greer Publications - Ulster Business, Ulster Grocer, Hospitality Review NI and Northern Woman.
INM's markets-leading titles also include the Sunday Life, jobfinder.co.uk, propertynews.com and www.belfasttelegraph.co.uk. Chief executive Robert Pitt said: "Despite a challenging trading environment, the group performed well in the first half of 2016, with profit before tax growth of 22.5% to €18.5m. However, underlying operating profit growth of 3.1% better reflects the challenges the industry and INM face." In the Republic, it also snapped up the 50% stake in CarsIreland.ie not already owned by the business. The first half figures show overall revenues grew by 2.7% in the period to reach €162m (£138m).
Profits were bolstered by growth in digital advertising revenue which was up 23.4%.