INM issues a warning over group's profit expectations
A profit warning has been issued by Independent News & Media (INM). The company in part blamed the costs of an independent review of corporate governance undertaken following a high-profile board level disagreement late last year and the high cost of libel cases for the warning.
Ireland's leading media group, which publishes the Belfast Telegraph and Sunday Life, also cited a number of other factors.
These included lower-than-expected growth in digital revenues and increased costs arising from legacy libel awards, as well declines in circulation.
Its trading statement said: "INM announces a material reduction in its expectation for full year profit before tax to below market consensus driven by the challenges the media industry and INM continue to face.
"These include a decline in circulation, a decline in advertising revenues and uncertainty arising from Brexit."