Independent News and Media profit drops 37%

Independent News and Media (INM), the owner of The Independent and The Independent on Sunday, has announced a 14.9% drop in revenues and a 37% fall in operating profits for the year to date.

Independent on Sunday

The group also revealed a 2% fall in circulation and a 19% drop in advertising revenue, but claimed that the advertising market was “stabilising”.

The company says performance was “resilient” in the face of “adverse economic pressures and unprecedented advertising weakness”.

The group forecasts full-year profit between €170m and €190m.

The figures were disclosed in an interim management statement released today.

An agreement negotiated with bondholders in May to defer repayment of a €200m bond expires this week and INM are seeking an extension.

The company has already agreed to a €150m assets sale and restructuring programme to reduce its €1.3bn debt burden, but The Independent could still face closure if Denis O’Brien, the second largest shareholder in INM, takes control of the company.

Two extraordinary general meetings have been called in November on the back of O’Brien’s attempts to acquire the business and close the loss making titles.

INM appointed former Evening Standard advertising director Simon Davies as commercial director for The Independent and Independent on Sunday, in September.

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