INM AD GROWTH SIGNS, BUT NOT YET IN IRELAND - There are results this morning for 2009 from Independent News & Media. Its revenue fell by almost 15% to €1.2 billion, operating profit dropped by 39% and profit before tax was 46% lower at €114.4m.
The group says vigilant cost management and further debt reduction remain priorities for this year.
Chief executive Gavin O'Reilly said INM was not forecasting 'green shoots' of recovery in all of its markets, but the advertising market was stabilising. He said some markets remained tough, however, adding that INM was not forecasting advertising growth in Ireland this year. But he said businesses in the southern hemisphere were showing growth.
Mr O'Reilly said 2009 had been about 'de-risking' its business and reducing debt, but INM remained profitable and its businesses had increased their market share. He said INM was targeting an improvement in operating profit this year.
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CURRENCIES - The euro is trading at $1.3416 and 89.6p sterling.
