INM SEES EASING OF NEGATIVE ADVERTISING TRENDS - Independent News and Media has reported underlying operating profits of €87.9m for the year ending December 2010, a 13.9% increase on the €77.2m reported in 2009. Revenues for the year rose by 3.3% to €605.3m from €585.7m despite the difficult economic conditions of 2010.
INM's group chief executive Gavin O'Reilly says that although tough advertising conditions still exist, the negative trend is reducing. He says that as well as Ireland, INM operates in Northern Ireland and South Africa - and the company is eyeing good growth there. He says the 'getting less worse' state of the advertising market is a good barometer of what can be expected for Ireland Inc, but adds that 2011 will be tough.
On the demise of the Sunday Tribune and the Irish Daily Star Sunday earlier this year, Mr O'Reilly said it was 'sad' to have to take such a tough commercial position on the two titles. But he said it was important to point out that the rest of INM's titles in Ireland are profitable. While reluctant to get into details on the Sunday Tribune, Mr O'Reilly said that INM did pay the company's receivership fees and did pay the newspaper's staff.
On INM's online activities, Mr O'Reilly said that 'pretty exciting developments' are in the pipeline and numbers are up 13%. A new online editor is set to be announced later today.
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MORNING BRIEFS - The accountancy regulator has postponed a public disciplinary tribunal into former Anglo Irish Bank Chairman Sean FitzPatrick at the request of the Director of Public Prosecutions. The tribunal was scheduled to begin in April. However the DPP was concerned any proceedings by the accountancy watchdog could prejudice possible future criminal proceedings, against any parties, arising from investigations by An Garda Siochana and the Office of the Director of Corporate Enforcement. The Chartered Accountants Regulatory Board is one of a number of bodies investigating Mr FitzPatrick's business affairs in connection with Anglo Irish Bank."
*** On the currency markets, the euro is worth $1.4233 and 87.25 pence sterling.
