19th May 2015 07:54
LONDON (Alliance News) - Independent News & Media PLC Tuesday said it had managed to mitigate a decline in revenue by continuing to make cost savings so far in 2015, and it's confident that its performance for the year as a whole will be in line with expectations.
The Irish newspaper and media group, owner of the Irish Independent, said revenue was down 1.0% in the four months to May 1, as a 4.2% decline in circulation revenue offset 2.9% growth in advertising revenue. Within advertising revenue, a decline in publication advertising revenue was more than offset by digital advertising revenue growth of 45.6%.
"Overall, group revenues have been adversely impacted by the continued declines in circulation revenues. However, these declines have been offset by continued cost savings which have mitigated the impact on earnings before interest and tax," the company said.
"Market conditions have continued to improve over the period, delivering a positive impact on advertising revenue growth and profitability. Several publishing advertising categories have recorded year-on-year positive progress including Motors, Holidays/Travel, Magazines and Features/Supplements," it added.
The media company also said that the proceeds from its sale of its stake in APN for EUR115.8 million, which it had announced in March, will be used to clear all the company's debt.
Independent News & Media shares were up 2.0% at EUR0.190 in London early Tuesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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