Revenues at Independent News & Media fell by 2.8% between 1 January and 16 May when compared to the same period of last year, according to an interim management statement from the media group.

Newspaper advertising revenues were 2.4% lower, according to the group, with most of the decline attributed to its business in Northern Ireland.

Circulation revenues also fell; down 2.5% on the same period of 2013.

However the company has reported a 17.8% rise in digital advertising revenues – as well as a 2.8% reduction in operating costs.

The group said it had managed to reduce costs during the period despite a “substantial investment in digital activities”.

In the statement, IN&M has also announced that Vincent Crowley has formally left his position on the board, having previously announced his plan to step down as CEO.

The company said a board sub-committee featuring Leslie Buckley, Triona Mullane, Allan Mashall and Terry Buckley – along with existing management executives – would manage the business until a successor to Mr Crowley was appointed.