INM operating profits jump 4pc
Independent News & Media said operating profits jumped 4pc last year as digital sales rose and the company reduced costs.
The owner of this newspaper reported a "strong performance" in 2014 and an "encouraging start" to 2015. Advertising sales are rising for the first time since 2007 as the economy picks up, the publisher added.
"Whilst it is still very early in the year, we anticipate a full year performance in line with expectations," INM said as it unveiled earnings for 2014.
The publisher of the biggest selling daily and Sunday newspapers in the country posted operating profits of €34m for 2014 while operating margins increased by 60 basis points to 10.7pc. Advertising revenue rose 0.8pc but total revenues dipped by 1.1pc to €318.7m as circulation declined on some titles. Net debt fell by 6.3pc to €89.3m.
Digital advertising revenue jumped by 37.5pc which more than offset the decline in publishing advertising revenue, the company said. The group's publishing websites attracted 11.9 million unique users in December.
"Despite the many challenges facing our industry, the group businesses submitted a strong performance in 2014," Chief Executive Robert Pitt said.