4th Mar 2016 08:19
LONDON (Alliance News) - Independent News & Media PLC Friday said its annual pretax profit was boosted by strong digital advertising revenue growth and an improved operating margin.
The Ireland-based news and media group posted pretax profit of EUR31.2 million in 2015, up from EUR23.7 million the previous year, taking in to account exceptional items, including impairments and write-offs. It said revenue for the year was EUR321.2 million, compared to EUR318.7 million in 2014, whilst its operating margin was 11.8%, up from 10.7% in 2014.
Independent News & Media said its total advertising revenue increased by 3.4% to EUR82.9 million, as digital advertising revenue growth of 42% to EUR12.5 million more than offset a decline in publishing advertising revenue in the year of 1.3%.
During the year the company sold its entire 18.6% holding in APN News & Media Ltd, and used the proceeds of EUR119.3 million to clear its debt, reducing its interest charge to EUR1.9 million from EUR6.1 million and leaving the company in a net cash position of EUR59.7 million at December 31, compared to a net debt of EUR89.3 million a year before.
Independent News & Media said it anticipates a full year performance in line with expectations for 2016, but said challenging market conditions will continue.
"The group delivered a strong performance in 2015 considering the strong headwinds the sector is experiencing. The strengthening of the recovery in Ireland's economy created a positive environment for improved business and consumer sentiment which buoyed advertising particularly. The print publishing industry continues to face challenging conditions as it faces rapid structural change, the need to invest in and improve the quality of the offer is paramount and INM is creating the conditions to do that," said Chief Executive Robert Pitt.
Shares in Independent News & Media were up 1.5% at EUR0.172 on Friday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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