Shares in Ireland's largest newspaper group, Independent News & Media, have plunged for a second consecutive day.

Yesterday INM issued a profit warning, which saw its share price fall 14%.

The company said it would see a "material reduction" in its full year pre-tax profit compared to previous guidance "driven by the challenges the media industry and INM continue to face".

INM said its advertising revenue would be 7% lower year-on-year. Its ad revenue from newspaper and magazines will be down 12% but INM also warned that growth in revenue from digital advertising has been weaker than anticipated. Part of this is due to "uncertainty over Brexit," it said.

Today, the group’s shares lost a further 18%, with the share price closing at €0.09.

The company is to hold its annual general meeting next month.