Independent News and Media (INM) announced a 14 per cent rise in full-year underlying operating profit and said it expected earnings to grow this year despite tough market conditions and said it planned "aggressive" development for its Irish website as the group.
The Dublin-based group, nearly 50 per cent owned by former bondholders, is focusing on media businesses in Ireland, South Africa, New Zealand and Australia after selling its flagship UK title the Independent as well as interests in India to help secure its future.
With economic growth subdued, INM said the group was not expecting any material boost to advertising this year, but a slimmed-down group and a tough line on costs should help grow profits.
"Assuming more normalised advertising conditions, easier comparatives, continued cost vigilance and having eliminated loss-making businesses, we are targeting a further improvement in operating profit for the year," chief executive Gavin O'Reilly said in a statement.
On an underlying basis, excluding disposals and the deconsolidation of Australia's APN News & Media in which INM holds a 32 per cent stake, operating profit reached €87.9 million compared with €77.2 million in 2009.
Including APN's operating profit, INM's operating profit before exceptionals was €221.8 million, broadly in line with previous guidance of a range of €220 million to €225 million.
So far this year, revenue trends have been broadly in line with 2010 with advertising revenue down 7 per cent in constant currency terms and circulation revenue down 1 per cent on the same basis.
Former Sunday Tribune editor Nóirín Hegarty will become online editor of Independent.ie, the company confirmed.
Other online developments planned for 2011 include launching a new jobs portal in the second quarter of the year, with technology provided by Stepstone, combining all of INM's jobs boards.
The group also plans to launch coupon service GrabOne in Ireland in the same period. The joint venture with APN has already had some success in the Australasian markets.
A deal for a 50 per cent share in car sales site carsireland.ie will be completed in April, the company said.
Additional reporting: Reuters
