Independent News earnings dip but diversity helps

• IBTimes RSS
• Print
• E-Mail
• digg
• Del.icio.us

The publisher of the Independent newspaper, the Irish Independent and titles in South Africa, Australasia and India reported a 6.3 percent drop in diluted EPS before exceptional items to 7.5 euro cents in the six months to end-June.

However, that is better than some of its media peers, largely thanks to its broad geographic reach.

Regional newspaper group Johnston Press, also reporting results on Wednesday, missed market expectations for first-half sales on the back of a 10 percent decline in advertising revenues.

Independent News & Media's advertising revenue, including acquisitions, was up 2.8 percent in underlying terms.

Its revenues in the period slipped 3.7 percent to 780.4 million euros (623 million pounds), though the group said this was mainly due to adverse currency movements.

INM said it was a good performance in a market experiencing tough economic pressures and advertising volatility.

"Assuming a continuation of the first-half advertising trends, INM believes that it will achieve profits in line with consensus forecasts for the full year," Chief Executive Anthony O'Reilly said in a statement.

The group is seen posting adjusted EPS of 18 cents for the full year, compared with 18.8 cents in 2007, according to Reuters Estimates.

"At first glance, and subject to discussions with management, it is likely that we will be making small downward revisions to our current forecasts," Goodbody Stockbrokers' analysts said in a research note.

• 1
• 2