Independent News & Media (INM) yesterday said that its 40 per cent-owned Australian and New Zealand subsidiary, APN, was trading well across all divisions, writes Barry O'Halloran.

In a trading statement released in advance of a meeting with fund managers today, the company said "all major divisions continue to perform well and quarter four is trading in line with expectations".

The Irish group told the markets that APN's New Zealand National Publishing continued to perform above expectations. "Advertising in the New Zealand Herald recorded good growth in quarter three, with particular strength in employment," the statement said.

"Advertising yields showed a near double-digit increase in quarter three compared with the same period in 2003, with volumes remaining steady.

Divisional revenues in local currency were ahead by 8 per cent and earnings before interest and tax (EBIT) by 14 per cent compared with quarter three 2003."

Advertising in its Australian regional papers returned double-digit growth, driven mainly by yield, but with a 5 per cent increase in volume, APN said. Circulation was steady overall. "Divisional revenues were ahead by 10 per cent, with strong double digit EBIT growth compared with quarter three, 2003," it said.

Its Australian radio business had double-digit growth during the quarter.

The company has restructured its outdoor advertising division by consolidating 16 offices into six. INM owns 39.7 per cent of APN.