Friday, August 31 08:06:20
Independent News and Media announced a fall in advertising revenue in Ireland and an overall drop in profits of 2.6pc for the 1st half of 2012. Highlights included: *Revenues of E272.2 million, down 2.6pc in constant currency.
*Operating Profit, pre-exceptionals, of E25.4 million, down E9.1 million versus H1 2011. *EBITDA of E39.1 million (including dividends received of E8.0 million) for H1 2012 *Operating Costs were reduced by 1.3pc to E246.8 million despite inflationary cost increases in South Africa in excess of 7pc. Operating Margin of 9.3pc. *Continued progress in digital, with revenue growth of 15.2pc partially driven by the successful rollout of GrabOne in the Island of Ireland. International House Dublin performing ahead of expectation following successful integration with Independent Colleges. Net exceptional charges after tax totalled E163.7 million driven mainly by non-cash asset impairments in APN and Island of Ireland.