The company which has been struggling with repaying a euro bond and a fall off in advertising revenues, posted a 22% drop in overall evenue to €608.8 (£535.2 million).
The Irish-based company, which has media in Australia, New Zealand and South Africa and elsewhere, says it saw a “resilient performance in a global market that is experiencing adverse economic pressures and unprecedented advertising weakness”
However, total advertising revenues fell by 19.6% for the period and radio advertising revenues dropped 11.8%. Outdoor advertising revenues for IN&M actually rose 1.3%. Revenues from circulation dropped 0.1%.
IN&M says that the flat circulation revenues reflected cover price increases on selected titles, offset by marginal volume declines.
Looking at the global advertising situation, the group says: “The global advertising environment continues to be depressed due to weak economy activity.
It is uncertain when the economies in which the Group operates will emerge from the current economic recession and therefore the outlook for consumer advertising in the Group’s markets remains uncertain.”
During the period IN&M drove operating down by 14.5% for the first quarter and payroll costs, which account for 29% of the cost base, fell 11.9% due to redundancies and cuts in salary.
In the UK there has been much speculation over whether the group will sell The Independent newspaper and Russian oligarch Alexander Lebedev, owner of The Evening Standard, has been linked to discussions of an acquisition.