APN, Independent News and Media’s Australian associate, has said it expects trading to improve this year and chairman Gavin O’Reilly also reiterated IN&M's commitment to its stake in the group.
APN chairman Gavin O'Reilly told shareholders at the company's annual general meeting in Sydney today that the group was well placed to take advantage of a recovery in the markets in which it operates.
Mr O'Reilly said there are clear grounds for confidence with Australian commodity markets regaining strength on the back of improved orders from China, which in turn should feed advertising growth.
Shareholders were told the outlook for 2010 is more positive than last year, "with forward bookings for April, in particular, comfortably ahead of the prior year.
APN News & Media reported a net profit after tax before exceptional items
and discontinued operations of AUS94.2 million for 2009, which Mr O'Reilly described as "an unbelievably tough year" for the company.
"It does appear that our markets are finally beginning to move on in a positive sense from the extraordinary events of 2009," said Mr O'Reilly.
"I believe that this trend, allied to an innovative revenue focus and an ever vigilant cost management culture, will permit APN to produce improved results," he added.
Mr O’Reilly also reiterated Independent News and Media’s commitment to its shareholding in APN. IN&M has a 38.5 per cent stake in the Australian group.
“INM has certainly played an important role in the development, growth and success of APN since the business was first listed on the stock exchange back in 1992, and INM remains committed to continue to support the growth of APN in the future," he said.
