17 Nov 2015 07:00
Independent News & Media plc
Interim Management Statement
Total Group revenues increase year-on-year by 1.1%
Dublin and London, 17 November 2015: Independent News & Media PLC (INM ID, INM LN), the leading newspaper and media group across the island of Ireland, today issues the following Interim Management Statement covering the period from 1 January 2015 to 30 October 2015 inclusive for the Continuing Group1.
· Total Group revenues increased by 1.1%, back in growth for the first time in 8 years
· Total advertising revenue growth of 3.7%
· Digital advertising revenue growth of 43.6%, offsetting a 1.2% decline in publishing advertising revenue
· Total circulation revenues declined by 3.2%
· Significant investment in Digital business in line with Digital strategy
· Tight control over operating costs
· Growth in profit before tax, in line with expectations
· The wind-down of GrabOne for commercial reasons, was announced on 9 November 2015 and will cease trading by 31 December 2015
Total Group revenues increased by 1.1% year-on-year, an improvement on the marginal decline of 0.3% announced in the Interim Results on 28 August 2015. Total Group revenue growth has been partially delivered through new distribution contracts, including the Irish Times.
There was a continuation of the positive performance in total advertising revenues, reflective of improved market conditions, INM's unique audience reach across the island of Ireland and a strong growth in digital revenues. A number of our advertising categories have recorded improved year-on-year revenues including Property, Magazines and Features/Supplements.
Circulation declines year-on-year have lessened since the Interim Results, with the investment in product and increased retail activity in Q3, delivering this improved performance.
INM continues to perform well in 2015 and we anticipate a full year performance in line with expectations.
INM wishes to thank all of its employees for their ongoing hard work and dedication to the Group.
- 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.
1'Continuing Group' excludes the results of GrabOne and APN in both 2015 and 2014, and the Education businesses in 2014
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
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