Independent News & Media Regulatory News (INM)

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."

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