INM, which publishes British Independent newspaper says it outperformed its peers after showing growth in advertising in all of its main markets in the six months to the end of June.
The company publishes more than 180 titles in Ireland, Australia, New Zealand and South Africa, and says its overall publishing revenue increased more than five per cent during the period, with advertising revenue up more than six per cent while circulation revenue rose nearly three per cent. Net profits, excluding exceptionals, rose to USD62m (NZD84.8 approx) from USD56.5m (NZD77.1m) a year ago.
INM's results were also boosted by a restructuring drive that has resulted in the company consolidating certain service centres, investing in a new publishing system and cutting 450 permanent jobs in the UK.
Sir Anthony O'Reilly, the chief executive of INM, said that he expects the earnings momentum to continue into the second half.
"This strong performance reflects the clear benefits of our low cost ethos and our multi-market and multi-media strategy… The positive trends we have experienced in the first half across all our markets have continued into the second half." Sir Anthony added that after implementing new systems across its publishing assets, the company's "unrelenting attention" to cost and margin improvements and revenue growth would continue.
INM said it plans to cut a further 129 jobs before the end of the year as it continues to restructure its operation.
