Independent News and Media is understood to be finalising a restructuring plan for the business aimed at reducing costs across the group.

Sources have indicated that an announcement on the detail of the plan could be made as early as next week.

It's not yet the clear what the full extent of any planned cuts will be or how staff will be impacted.

A spokesperson for the company said he couldn't comment on the issue, or on reports that a voluntary severance scheme seeking up to 35 redundancies is being opened.

The company's half year results in August showed revenue in the previous six months had fallen by 4.1% to €95 million, while its profit before tax was down 22.8% to €11.5 million.

The results included an exceptional charge of €1.9 million for legal costs associated with the probe by the Office of the Data Protection Commissioner into an alleged data breach at the firm.

In 2017 the media group saw revenues fall by 9.4% to €293 million, while profits fell by nearly 32%, despite a 6.2% drop in operating costs.

INM chief executive, Michael Doorly, has previously indicated that the group is moving towards a subscription based model once the building blocks for such a move are put in place.

The company has seen a number of senior executives announce their departure in recent months, including chief financial officer, Ryan Preston.