Independent News & Media takes print advertising hit

19th Nov 2014 09:33

Accelerating falls in advertising and circulation revenue have hit Irish newspaper publisher Independent News & Media (INM).INM said total print advertising revenues dropped 3.4% between 1 January and 14 November compared to a 2.7% fall in the first half, although underlying revenue fell 2.6% when allowing for the closure of the group's Northern Ireland free-sheet business.However, property, Irish republic recruitment and insert advertising had the largest year-on-year revenue increases, with a noticeable improvement in advertising conditions in the last few weeks compared with a more challenging revenue environment over the summer.But circulation revenue declines continued at a marginally higher rate, with a 2.7% decline in the year to date versus a deficit of 2.4% for the first six months of the year.Online revenues rose 33.1% YTD, compared to a 30% rise in the six months to 30 June due to strong growth in the group's digital publishing operations.Total advertising revenues in print and online were only down by 0.4%, with an improving performance in recent weeks."The group has delivered a marginal increase in year-to-date profitability versus a flat performance for the first six months of the year, with continued cost savings more than offsetting year-to-date revenue reductions and the substantial investment in our digital operations," the group said in a trading update.