INDEPENDENT NEWS & MEDIA said today that total group revenues have declined by 2.8 per cent – but digital advertising revenue is up so far this year.

The interim management statement covers the period from 1 January 2014 to 16 May 2014.

It showed that:

• Total group revenues declined by 2.8 per cent
• Total newspaper advertising revenues declined by 2.4 per cent
• Total digital advertising revenues increased by 17.8 per cent
• Total circulation revenues declined by 2.5 per cent
• Operating costs reduced by 2.8 per cent, despite a substantial investment in digital activities.

The group said that trading conditions have improved since March 2013.

Total newspaper advertising revenues are down by 2.4 per cent year to date, compared to a decline of 2.8 per cent at 13 March 2014.

“A number of newspaper advertising categories have shown strong year to date growth, with recruitment, property and inserts showing the largest year-on-year revenue increases,” said INM.

The reduction in newspaper advertising revenue this year is primarily related to the performance of its Northern Irish operations, with the Republic of Ireland newspaper business showing a decline of 1.0 per cent.

Digital

Meanwhile, digital revenues are up 17.8 per cent year to date, compared to an increase of 14.6 per cent as at 13 March 2014.

The group said that the impact on profitability has been “largely mitigated by continued cost reductions” across the business.

Group CEO Vincent Crowley is resigning from the Board, effective today.

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