The group is planning further cost-cutting measures and is open to acquiring new businesses
Independent News & Media’s (INM) AGM in Dublin this morning will be told that an accelerating decline in print advertising revenue has outpaced continued growth in digital advertising sales and has led to weaker overall advertising revenues through the opening four months of 2016.
Chairman Leslie Buckley will highlight that the group’s overall revenues continue to grow, driven by its distribution business and that INM has identified further savings to offset falling print advertising and circulation revenues.
Management has also identified further savings to offset falling print advertising revenues, and said that revenues have been boosted by the company's distribution arm.
Independent.ie, part of the INM family, reports that INM chairman Leslie Buckley will say, "The challenging market conditions against which INM achieved a strong performance in 2015, have, as anticipated, continued into 2016 with the print advertising market experiencing ongoing volatility," at today's meeting.
The company's Irish Independent and Sunday Independent remain market leaders in the daily and weekend newspaper markets.
The group said that it is open to acquiring new businesses:
"INM has shaped itself into a business that moves decisively and effectively and will continue to grow market share in the print business, embrace the digital opportunities through I, the leading online news offering in Ireland, and utilise our strengthened balance sheet to acquire businesses that will strengthen and diversify our offering and create shareholder value."