Independent News on course for sale of UK newspapers

24th Mar 2010 16:22

Independent News and Media expects to sell its UK national newspapers The Independent and Independent on Sunday by tomorrow. The indication that the sale of the UK newspapers to Alexander Lebedev is near to completion came on the same day that INM released its 2009 figures. Revenues fell from €1.48bn to €1.26bn and the underlying pre-tax profit slumped from €211.7m to €114.4m. Including exceptional costs the loss fell from €161.4m to €31.4m. The exceptionals relate to restructuring charges and asset write-offs. The UK loss was €6.9m in 2009 but that includes the company's titles in Northern Ireland. Advertising markets were weak but cost cutting helped to offset this. Advertising stabilised in the second half of 2009. INM says it is on target to improve its operating profit in 2010. Asset sales have raised €150m in 2009. A further €41.4m was raised after the year end. Bengt Braun has been appointed a non-executive director of the company. This means that INM complies with the code for corporate governance. INM says it plans to ask shareholders to vote on a share consolidation at its AGM in June. The exact consolidation figures have not been decided.