Independent News & Media shareholders heard today that the group is seeing more stability in its trading performance across each of its regions.
INM's chief executive Gavin O'Reilly told the company's AGM today, however, that advertising revenues have yet to show growth and advertising conditions remain volatile.
He said that 2009 had been an 'extraordinarily challenging' year for the company, but that after its successful financial restructuring, it has entered into a period of financial stability as global markets continue to recover.
During the year the media group reduced its debts and secured a new four and a half year bank deal.
'I am pleased to report that the trading trends that we announced to the market as part of our interim management statement on March 24 have continued, with the year-on-year trend in underlying advertising revenue improving marginally since the first quarter and the cost trend being maintained', Mr O'Reilly said.
He said the group is continuing to target an improvement in operating profit for 2010 if the trading trends experienced so far this year continue.
INM shares closed 0.8% lower at 11.5 cent in Dublin this evening.
