Independent News and Media has warned of challenging markets in a statement in advance of its annual general meeting today.

In the four months to the end of April, INM said there has been continued strong growth in digital advertising revenue.

But it also reported an accelerated decline in print advertising revenue, which resulted in the group's overall ad revenue falling.

INM also said that the declining trend in circulation revenue has remained broadly unchanged.

"We believe, however, that INM continues to outperform the market in both advertising and circulation categories and continues to grow its market share," the company's chairman Leslie Buckley said in today's statement

The company also said that it anticipates its full year profit will be within the range of market expectations.

It added that it continues to focus on cost management and has identified savings to offset the decline in print revenue.