INM profits dive but says ad market is stabilising
TROUBLED media group Independent News & Media (INM) said yesterday it had seen a 37 per cent fall in operating profits for the year to 23 October.
The Independent publisher cut its full-year operating profit guidance range to between €170m (£153m) and €190m, down from a previous estimate of €200m to €230m.
But the group said that advertising revenue for the year to October had improved slightly, falling 19 per cent compared to a decline of 19.6 per cent in the first half. And Revenue at constant currencies fell by 14 per cent, a slight improvement on the 14.9 per cent drop in the first half.
The company confirmed that it would try to extend today’s deadline for its standstill agreement over a €200m bond. INM will meet with bondholders on 10 November, to sign-off on a plan that could give them a 47 per cent stake in the group.
Its shareholders will vote next week on resolutions put forward by its second-largest shareholder, Denis O’Brien, including the removal of chairman Brian Hillery.