Sir Anthony O'Reilly, INM Group Chief Executive Officer

Independent News & Media today reported pre-tax profits of €96.6m for the first half of 2008, up slightly from €94.1m a year earlier.

INM said that revenue fell 3.7% to €780.4m but there was a 3% increase when currency movements were stripped out. Operating profits, excluding exceptional items, were flat at €154m, though currency movements again hit this figure.

Adjusted earnings per share fell 6.3% to 7.5 cent while an unchanged interim dividend of 4.57 cent will be paid.

Commenting on the results, Sir Anthony O'Reilly, Group Chief Executive Officer said: "The current economic climate presents a challenge to all media companies throughout the world. It also presents opportunities, not least the potential for joint ventures, shared investments, mergers and divestments which may change perceptions of the structure and nature of media.

"The pattern of these unusual structural opportunities will, we believe, be of benefit to shareholders, and bring renewed confidence back to the sector as the global economy goes through its present recessionary period.

"While it is difficult to forecast advertising revenues reliably for the second half - as we have only experienced the two traditionally quiet summer months - trading in the next three months leading up to Christmas, will be critical in determining the full year result.  However, as second half comparators are easier and, assuming a continuation of the first half advertising trends, INM believes that it will achieve profits in line with consensus forecasts for the full year.

"The Group's core business model - global diversification, exposure to multi-media platforms, leading brands and striving to be the low cost operator - continues to provide resilience against the current economic downturn and positions your Company well to benefit from any improvements in general market conditions."

Result Detail