Independent News & Media has reported a pre-tax loss of €31.4m for last year, much narrower than the €161.4m reported in 2008.
When once-off items were stripped out, underlying pre-tax profits almost halved to €114.4m, as revenue dropped by almost 15% to €1.26 billion. Operating profit was down 39% to €177.2m. INM described its revenue performance as 'resilient', as advertising markets were 'extremely poor'.
The company also said talks with Alexander Lebedev on the sale of its London Independent titles were continuing, with an announcement expected 'very shortly'.
CEO Gavin O'Reilly said advertising and profits stabilised in the second half of 2009, and this trend had continued early this year, with rises in some markets. He said if current trends continued, INM would aim for an increase in operating profit.
€145.8m in exceptional charges were linked to writedowns in the value of some assets, restructuring costs and costs linked with its refinancing late last year. The group agreed a restructuring with its lenders last year - including a rights issue - aimed at cutting its debt. INM said it cut its net debt by €367m by the end of the year.
Property and recruitment ads worst hit
A breakdown showed that profits at INM's Irish business fell 42.5% to €44.3m, as revenue fell almost 15% to €357.5m. It said the biggest declines were in property and recruitment advertising.
Losses at the Independent titles in the UK widened from €1.1m to €6.9m, as revenue dropped almost 30% to €122.7m.
Profits in Australia and New Zealand dropped almost 35% to €101.7m as revenue fell 15.7% to €566.2m. South African profits were down 33.8% to €47.8m, though revenue was only marginally lower at €209.5m.
INM also said it planned to seek approval from shareholders at its AGM in June to consolidate its share capital in order to reduce the number of shares in issue.
Shares in the firm closed over 16% higher at 10.5 cent in Dublin this evening.
