INM sees advertising revenues stabilise in second half

Revenues At Independent News and Media (INM), the owner of
The Independent and
The Independent on Sunday, fell almost 15 per cent last year during the worst advertising recession in living memory. But managers insisted yesterday that they were optimistic that the market had stabilised.

The publishing group also updated the market on the progress of negotiations to sell its two UK national newspapers to Alexander Lebedev, the Russian owner of the London Evening Standard, saying that an announcement was expected "very shortly". INM blamed the fall in revenues from €1.5bn (£1.3bn) in 2008 to €1.3bn last year on "extremely poor advertising markets". Yet it was keen to stress that the worst looked to be over because the market stabilised in the second half of 2009. Executives also pointed to market share advances in advertising and circulation, and hailed the stronger financial footing at the group.

Gavin O'Reilly, the chief executive of INM, said the trend of stability in underlying profits and advertising revenues had continued this year, and the group had seen growth in certain markets. "While it is still very early in the year, if these current trends continue, we would target an improvement in operating profit in 2010," he added.

Operating profits before exceptional costs fell by 39 per cent to €177.2m as INM's businesses suffered from the "extremely challenging" economic conditions. The group announced that it had cut costs in 2009 by 9.1 per cent to help battle the fall in revenues.

The board of INM said it was encouraged by significant announcements at the end of last year, especially after it landed a crucial deal to refinance its debts. In November it agreed new banking facilities, extending its debt maturity from 2010 to 2014. Mr O'Reilly said: "Following the successful conclusion to our complex financial debt refinancing in 2009, it is reassuring to be able to now look forward to 2010 where we will build on the underlying profitability and real progress that INM's operations achieved in 2008."

A series of asset disposals, including the advertising business INM Outdoor and interests in the bingo group Cascade and internet portal Verivox, raised €159m which was put towards slashing the company's debt by €367m. INM has also sold its 7.8 per cent stake in the Indian publishing company Jagran Prakashan for €41.4m this year.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Business Analyst - Financial Services - City, London

£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...

SThree: Trainee Recruitment Consultant

£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...

Recruitment Genius: Administrator - IFA Based

£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...

Day In a Page

Major medical journal Lancet under attack for 'extremist hate propaganda' over its coverage of the Israeli-Palestinian conflict

Lancet accused of 'anti-Israel hate propaganda' over coverage of Gaza conflict

Threat to free speech as publishers of renowned medical journal are accused of inciting hatred and violence
General Election 2015: Tories and Lib Dems throw their star names west to grab votes

All noisy on the Lib Dems' western front

The party has deployed its big guns in Cornwall to save its seats there. Simon Usborne heads to the heart of the battle
How Etsy became a crafty little earner: The online market has been floated for £1.2bn, but can craft and capitalism coexist?

How Etsy became a crafty little earner

The online market has been floated for £1.2bn, but can craft and capitalism coexist?
Guy Ritchie is the latest filmmaker to tackle King Arthur - one of our most versatile heroes

King Arthur is inspiring Guy Ritchie

Raluca Radulescu explains why his many permutations - from folk hero to chick-lit hunk - never cease to fascinate
Apple Watch: Will it live up to expectations for the man or woman on the street?

Apple Watch: Will it live up to expectations?

The Apple Watch has apparently sold millions even before its launch tomorrow
Don't fear the artichoke: it's a good cook's staple, with more choice than you'd think

Don't fear the artichoke

Artichokes are scary - they've got spikes and hairy bits, and British cooks tend to give them a wide berth. But they're an essential and delicious part of Italian cuisine
11 best men's socks

11 best men's socks

Make a statement with your accessories, starting from the bottom up
Paul Scholes column: Eden Hazard would be my Player of the Year – but I wonder if he has that appetite for goals of Messi or Ronaldo

Paul Scholes column

Hazard would be my Player of the Year – but I wonder if he has that appetite for goals of Messi or Ronaldo
Frank Warren: Tyson Fury will be closely watching Wladimir Klitschko... when he wins it'll be time to do a deal

Frank Warren's Ringside

Tyson Fury will be closely watching Wladimir Klitschko... when he wins it'll be time to do a deal
London Marathon 2015: Kenya's brothers in arms Wilson Kipsang and Dennis Kimetto ready to take on world

Kenya's brothers in arms take on world

Last year Wilson Kipsang had his marathon record taken off him by training partner and friend Dennis Kimetto. They talk about facing off in the London Marathon
Natalie Bennett interview: I've lost track of the last time I saw my Dad but it's not because I refuse to fly

Natalie Bennett interview: I've lost track of the last time I saw my Dad

Green leader prefers to stay clear of her 'painful' family memories but is more open about 'utterly unreasonable' personal attacks
Syria conflict: Khorasan return with a fresh influx of fighters awaiting the order to start 'shooting the birds'

Khorasan is back in Syria

America said these al-Qaeda militants were bombed out of the country last year - but Kim Sengupta hears a different story
General Election 2015: Is William Cash the man to woo Warwickshire North for Ukip?

On the campaign trail with Ukip

Is William Cash the man to woo Warwickshire North?
Four rival Robin Hood movies get Hollywood go-head - and Friar Tuck will become a superhero

Expect a rush on men's tights

Studios line up four Robin Hoods productions
Peter Kay's Car Share: BBC show is the comedian's first TV sitcom in a decade

In the driving seat: Peter Kay

Car Share is the comedian's first TV sitcom in a decade. The programme's co-creator Paul Coleman reveals the challenges of getting the show on the road