INM Sees 29.4% Profit Growth Despite Falling Newspaper Circulation
Independent News & Media (INM) has reported profit before tax growth of 29.4% to €37.4 million, for the 12 months ending 31 December 2015.
Its total revenue, excluding discount business GrabOne, grew by 0.8% when compared with the previous year, to €321.2 million. INM says this growth was driven by a total advertising revenue of €2.8 million, and increased revenue from distribution (up 5%), which offset declining circulation revenue.
The Irish Independent continues to be Ireland’s top daily quality newspaper, selling more copies per day than the The Irish Times and Irish Examiner combined. INM noted that its performance in the market has been given a boost recently with a widened Farming offer in the Irish Independent Thursday editions, as well as its 1916 supplements.
Meanwhile, the Sunday Independent increased its share to 65.4% of the Sunday quality market. The Sunday World also grew its share of the Sunday tabloid market to 47%, cementing its position with sports supplements and magazines.
With its appointment to wholesaler for The Irish Times in the second half of the year, INM’s distribution business Newspread continued to see strong revenue.
Overall circulation declined by 4.1%, however, INM still outperformed the industry average, which is says stems from its investments in the quality of its titles.
Robert Pitt, Group Chief Executive Officer, commented, "The print publishing industry continues to face challenging conditions, as it faces rapid structural change, the need to invest in and improve the quality of the offer is paramount and INM is creating the conditions to do that."
"This strategy will support both INM and its business partners; INM’s market outperformance is keeping the newspaper category alive for both publishers and retail channels," he added.
"These results have been achieved through the hard work and commitment of our employees, for which we are very grateful. The indications for 2016 suggest that the existing challenging market conditions will continue in the coming year."
© 2016 - Checkout Magazine by Jenny Whelan.