INDEPENDENT NEWS Media’s revenues in the 19 weeks to May 11th fell by 3.5 per cent year on year in constant currency terms or 5.2 per cent in euro terms, according to an interim management statement issued yesterday.

INM said advertising conditions “remain challenging and erratic” in the current economic climate.

“Visibility remains short and susceptible to influence by macro-economic factors,” INM added.

Total circulation revenue declined by 3 per cent in the year to date in constant currency terms, or by 4.4 per cent in euros.

Total advertising revenue – for print and digital – was down by 5.3 per cent in constant currency terms or 7.9 per cent in euros.

INM has non-euro operations in Northern Ireland and South Africa, and a large shareholding in Australia-based media company APN.

Within its advertising sales, digital revenue increased by 17.6 per cent in constant currency terms, the company said.

INM said trading patterns were “somewhat disrupted” around Easter but “appear to be returning to more normal trends”.

Operating costs declined by 1.4 per cent in constant currency terms, or 2.8 per cent in euros year-on-year.

“Cost savings were delivered across all operations which more than offset inflationary cost pressure in South Africa and significant energy price increases,” the company said.

Its net debt stood at €420 million at the end of the period.

“Our focus is on maximising available cash flow for continued debt paydown, which will deliver value for our shareholders,” INM said.