Independent News revenue rises in H1

Independent News & Media posted its first growth in revenue in over two years on Friday as recovering advertising pushed first half sales up 8 percent year-on-year.

By The Newsroom

Published 27th Aug 2010, 10:17 BST

INM, which last year disposed of The Independent and Independent on Sunday and swapped debt for a large equity stake to pay back an overdue bond, said operating profit for the period rose by almost 30 percent and reiterated it expected its full-year result to improve.

Dublin-based INM, which also owns newspapers in Ireland, South Africa and Australasia, said advertising trends, revenue performance and profits continued to improve in July and August.

"After an extremely difficult 2009, we've had a very good start to 2010," Chief Executive Officer Gavin O'Reilly said in a statement.

"Assuming a continuation of these positives, we are targeting an improved operating performance for the year, in line with current market expectations."

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