Independent News & Media (INM) has reported that a stabilisation in the advertising market had lead to a “marginally improved year-to-date revenue performance.” .
INM, which owns this newspaper, said group operating profit before exceptional items were down about 37% year on year, on a constant currency basis, compared with a 45% fall in the first half of the year
Group advertising revenue was down 19% year-on-year, compared with 19.6% in the first half, a performance INM said “demonstrates a stabilising advertising revenue and continued strong cost management across all regions.”
“Based on still limited visibility, the advertising trends experienced in September and October remain challenging and are expected to continue for the remainder of 2009,” the company stated in an interim statement.
The group said that total group revenues for the year to 23 October were down 14% year on year on a constant currency basis, compared with a drop of almost 15% in the first half. Year to date operating costs are estimated to be down 9% year on year on a constant currency basis compared to a drop of 7.5% in the first half of 2009. Group circulation revenue declined by about 2%.
“As a result, assuming a continuation of these trends and seasonal factors, the full-year operating profit before exceptionals forecast for 2009 is expected to be in the range €170m to €190m,” the statement said. INM said that it is currently negotiating a further extension with investors to the “financial standstill”, which expires on October 30.