Independent News & Media (INM) have today reported a profit before tax of €18.5m for the six months to the end of June 2016.
The company’s cash balance at the end of June was €62.4m. The first half figures show overall revenues grew by 2.7% in the period to reach €162m.
According to reports, profits were bolstered by growth in digital advertising revenue which was up 23.4% at the end of June compared to a year earlier, as well as a €2.2m cut in interest costs following repayment of INM’s former debts, and a significant decrease in operating costs.
Chief Executive Officer, Robert Pitt commented, "Despite a challenging trading environment, the group performed well in the first half of 2016, with profit before tax growth of 22.5% to €18.5m. However, underlying operating profit growth of 3.1% better reflects the challenges the industry and INM face."
Source: www.businessworld.ie