9 Nov 2017 07:00
INM PROFIT EXPECTATIONS FOR FY 2017 REVISED DOWNWARDS FOLLOWING A DECLINE IN REVENUE AND INCREASED LEGAL COSTS
Dublin and London 9 November 2017: Independent News & Media PLC (INM ID, INM LN) Trading Statement.
INM announces a material reduction in expected full year Profit Before Tax [PBT]. The reduction in PBT expectation is primarily driven by a combination of ongoing challenging market conditions and higher once off legal costs, than previously envisaged.
In line with recent global trends in the media industry, INM continues to face ongoing revenue challenges with continued uncertainty in the market including Brexit.
Legal costs related to the Independent Review and meeting the ongoing requirements of the Office of the Director of Corporate Enforcement ("ODCE") have been significantly higher than previously estimated.
The company is actively engaged in tackling the challenges it currently faces and will continue to seek to maximise its revenue streams.
Preliminary results for the twelve months ending 31 December 2017 will be announced on 9 March 2018.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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For further information, contact:
MEDIA | INVESTORS & ANALYSTS |
Brian Bell Wilson Hartnell +353 1 669 0030 (office) brian.bell@ogilvy.com | Michael Doorly Group Chief Executive Officer Independent News & Media PLC +353 1 466 3200 michael.doorly@inmplc.com
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Ryan Preston Group Chief Financial Officer Independent News & Media PLC +353 1 466 3200 ryan.preston@inmplc.com
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NOTE REGARDING FORWARD LOOKING-STATEMENTS
Some statements in this announcement are forward-looking. They represent our 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 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.
ABOUT INDEPENDENT NEWS & MEDIA PLC
INM is a market-leading media Group in the Republic of Ireland and Northern Ireland, with a strong newspaper and digital presence. INM is a leading online news publisher, the largest wholesale newspaper distributor and a leading contract printer on the island of Ireland. It manages gross assets of €225.3m and employs approximately 800 people.