Belfast Telegraph

Digital advertising sales continuing to soar at INM

By Staff Reporter

Belfast Telegraph parent company Independent News & Media said the first four months of the year went "well" as digital advertising continued to soar.

In a statement to the stock exchange, INM chairman Leslie Buckley said: "We are pleased with the company's performance year to date, notwithstanding certain challenges in the media sector.

"INM is in a strong position as we proceed with our plans for future investment. Our focus remains to maintain and grow INM's position as the leading newspaper and media group in Ireland."

Shares in company rose 1% to 18.9 cents following the news.

Davy Stockbrokers analyst Robert Stokes said the news was encouraging.

"Market conditions have continued to improve over the period, delivering a positive impact on advertising revenue growth and profitability," he said.

The owner of this newspaper - as well as Independent group in Dublin - is close to repaying all its debts after selling a shareholding in Australian media group APN for more than €115m (£82m).

The sale will be completed by early June and the proceeds will be used to repay all INM's debts and make investments, INM said previously.

Advertising revenue rose 2.9% in the first four months of the year as digital revenues jumped 45.6%.

The company said the growth had been driven by the continued shift of advertising budgets to digital.

Belfast Telegraph