Independent News & Media (IN&M) has this morning reported pretax profits of €286 million for last year, a rise of 7.7 per cent on the 2006 results, before exceptionals.
The publisher of the
Irish Independentand
Sunday Independentsaid that during the 12 months to the end of December 2007 revenues rose by 2.3 per cent to €1.67 billion, compared with the same period the previous year.
The results mean the company is offering an 8 per cent increase in the adjusted basic earnings per share of €0.188.
Over the year IN&M said advertising revenues grew by 5.4 per cent with circulation revenues up 0.6 per cent.
IN&M cut more than 550 jobs at newspapers including the
Independent, the Irish Independentand regional Australian titles last year, as it outsourced production work resulting in net costs of €37.7 million.
IN&M forecasts the cuts would bring annual savings of €19 million and said €12 million of these savings were reflected in the 2007 results.
The company said it continued to "actively manage" its operating costs last year, with year-on-year operating costs down 1.5 per cent despite an increase in newsprint costs.
Last year saw IN&M acquire the
Sligo Championand also launched two new regional papers in the south east.
The company said the operating profits from its Irish titles increased by 4.1 per cent to €98.3 million, despite a -0.8 per cent reduction in revenues to €401.3 million.
At 9am this morning IN&M shares were trading on the Dublin market at €1.83, a rise of 10 cents or 5.78 per cent.