Independent News & Media chief executive Dr Tony O'Reilly has told shareholders that conditions in the advertising market remain volatile, particularly in the Irish property sector.
He said that while revenues so far this year were 'marginally ahead' of last year, it was hard to reliably forecast the outcome for the full year in the current economic uncertainty.
The INM AGM is taking place in London, and it follows fresh criticisms of the company's board by businessman Denis O'Brien.
Mr O'Brien now owns just over 25% of the company, which is run by Dr Tony O'Reilly. The company, which is worth €1.8 billion, publishes the Irish Independent, Evening Herald and Sunday Independent.
Last night Mr O'Brien published a report critical of the size and affiliations of the board of directors in the media group. His document said a lack of corporate governance had led to abuse of investors in the media industry.
Independent News and Media has rubbished the report as misleading and malicious. But a number of companies which advise institutional shareholders have also been critical of the composition of the Independent's board of directors.
O'BRIEN'S CONCERNS NOT BEING ADDRESSED
Representatives of Denis O'Brien today raised his concerns about 'poor' corporate governance and the impact that this is having on the financial performance of INM.
His representatives said that the INM board maintains that the company is performing well, despite the fact that when exceptional items are included in its results, earnings per share have actually fallen for two years in row.
They also raised the question over the amount of time INM's current CEO Anthony O'Reilly was devoting to dealing with problems at Waterford Wedgwood.
'My representatives asked a number of pertinent questions that all shareholders deserve a proper answer to, and yet we have still not received satisfactory answers,' Mr O'Brien said in a statement.
He said it is imperative that the company embraces the new media age, especially since that only about 3% of its revenues come from these sources.
'It speaks volumes that a company, which claims to be at the heard of the 'fast moving world of media availability,' even failed to provide a webcast of today's AGM,' he stated.
INM shares closed 15 cent lower at €2.08 in Dublin this evening, a drop of nearly 7%.
