Thursday March 27, 08:43 AM
Independent News trading well in '08
LONDON (ShareCast) - Irish newspaper publisher Independent News & Media lifted adjusted pre-tax profit by 7.7% in 2007 and said the business has traded well through the first three months of 2008. Profit before tax for the 12 months
ended 31 December 2007 eased to €;248.4m from €;250.1m in 2006, although before reorganisation charges the figure rose to €;286.1m from €;265.7m.Revenues rose 2.3% to a record €;1.67bn, with advertising revenues growing by 5.4% and circulation revenues up 0.6% in constant currency in the Publishing division.
It (Frankfurt: A0MLX5 - news) said total revenues in constant currency for the first 11 weeks of 2008 are up year-on-year by 2.7%, while advertising revenue has risen 2.1% and circulation revenue by 0.5%. "The business has traded well through the first three months of 2008, with group earnings ahead of last year and all regions growing total revenues in constant currency," said chief executive Anthony O'Reilly. "Despite the uncertain economic background, we remain confident that, on the basis of current trading in all our geographies, INM can deliver a further year of earnings growth." The final dividend goes up 10% to 9.13 cents per share, bringing the total dividend for the year to 13.70 cents also up 10%. In a separate statement, it formally declared Irish telecoms tycoon Denis O'Brien, who has recently upped his stake in the firm to over 22%, a 'dissident shareholder'. "Comments and actions regarding INM, its board, management, strategy and governance, are designed to destabilise the company and run counter to the principles of a fair and orderly market for INM's shareholders," said Independent News. "Consequently, the board is now formally declaring Mr O'Brien a 'dissident shareholder', who consistently voices disagreement with the company's strategy while continuing to buy shares and who is not acting in the best interests of all stakeholders." Interim results for the half year to 30 June 2008 are due on 27 August.
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