INM issues upbeat trading statement

Independent News & Media expects turnover to grow by about three per cent this year. The publishing group's upbeat trading statement, issued yesterday, was helped by a 70 per cent uptick in online revenues as well as increases in advertising revenue and an expected 1 per cent rise in newspaper circulations. The company brought forward the statement, originally planned for next week, after Johnston Press gave a bearish outlook for 2008 yesterday.

Johnston said that the crisis in the financial markets could have knock-on effects and that it was looking at its prospects for next year with a "degree of caution."

IN&M, owner of The Independent, said that underlying growth in turnover from both circulation and advertising were strong. Amid worries about falling newspaper circulations, IN&M said that its circulation rise came "as a result of volume initiatives and selective cover price increases."

Chief executive Anthony O'Reilly said: "We are pleased to say that, despite the global turmoil experienced in the second half of 2007, our group is trading in line with expectations and remains well-positioned for continued growth." Jagran Prakashan, the publisher of India's best-selling newspaper Dainik Jagran in which IN&M owns a 20 per cent stake, reported record interim turnover and pre- tax profit figures. IN&M's investment in the company has increased 400 per cent in two years.