2 Jun 2016 07:00
AGM Statement
Dublin and London, 2 June 2016: Independent News & Media PLC (INM ID, INM LN), the leading newspaper and media group across the island of Ireland, is holding its AGM today at 11.00am at the Westbury Hotel, Grafton Street, Dublin 2, Ireland.
At the AGM, Leslie Buckley, Chairman of INM, will make the following update statement:
"The challenging market conditions against which INM achieved a strong performance in 2015, have, as anticipated, continued into 2016 with the print advertising market experiencing ongoing volatility.
In the four months to the end of April, there has been continued strong growth in digital advertising revenue, but an accelerated decline in print advertising revenue. This has resulted in a decline in total advertising revenue. The declining trend in circulation revenue has remained broadly unchanged. We believe, however, that INM continues to outperform the market in both advertising and circulation categories and continues to grow its market share.
The INM Group continues its focus on cost management and has identified savings to offset the decline in print revenue.
In the four months to the end of April, total revenue continued to grow strongly primarily driven by our distribution business.
INM has shaped itself into a business that moves decisively and effectively and will continue to grow market share in the print business, embrace the digital opportunities through independent.ie, the leading online news offering in Ireland, and utilise our strengthened balance sheet to acquire businesses that will strengthen and diversify our offering and create shareholder value.
At this point the Board anticipates Profit before Tax performance for the full year to be within the range of market expectations."
- ENDS -
NOTE REGARDING FORWARD LOOKING STATEMENTS
Some statements in this announcement are forward looking. They represent expectations for our business and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and projections about future events. We believe that our expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases are beyond our control, our actual results or performance may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this document and no obligation is undertaken, save as required by law or by the Listing Rules of the Irish Stock Exchange and/or the UK Listing Authority, to reflect new information, future events or otherwise.
For further information, contact:
MEDIA INVESTORS & ANALYSTS
Nigel Heneghan Heneghan PR + 353 1 660 7395 (office) + 353 86 258 7206 (mobile) nigel@hpr.ie
| Robert Pitt Group Chief Executive Officer Independent News & Media PLC +353 1 466 3200 robert.pitt@inmplc.com
Ryan Preston Group Chief Financial Officer Independent News & Media PLC +353 1 466 3200 ryan.preston@inmplc.com |