INDEPENDENT NEWS AND Media have announced a drop in revenue and profit for the first six month of 2012.
The Dublin-based newspaper publisher reported a 2.6 per cent drop in revenues to €272.2 million, with operating profit dropping to €25.4 million in the six months to June from €35.5 million in the same period last year.
“The first half of 2012 offered no respite from the difficult trading conditions in which INM operates,” said Vincent Crowley, group chief executive, in a statement. “Weak economic conditions prevailed in the Island of Ireland, while the South African economy experienced multi-year lows in both consumer and business confidence. ”
INM has made a number of cost saving measures this year, including the closure of its Head Office in Citywest, which has been subsumed into the company’s Talbot Street Premises in Dublin city centre.
However, costs have continued to rise in some areas. For example, retirement benefit obligations increased to €187.8 million at the end of June against €147 million at the end of last year.
But Crowley said he was confident that the newspaper group would turn things around with its strong portfolio of market-leading and profitable titles. “A key focus in H2 will be on continuing to develop our deleveraging strategy, further cost efficiencies and addressing our pension deficit.”