Publishing group Independent News & Media (INM) said it is seeing some improvement in advertising trends and aims for an improvement in operating profit this year, after an "agonising" debt restructuring.
INM last year rolled out a package of measures to pay back an overdue bond, which included asset disposals and swapping debt for a large equity stake.
"Happily, that is now firmly behind us," chief executive Gavin O'Reilly told shareholders, adding that the "painful" measures implemented to assure the group's survival meant it had no major debt maturities for the next four years.
INM also paid Russian billionaire Alexander Lebedev £9.25 million earlier this year to take on the UK newspaper the Independent, ending uncertainty over the loss-making title.
Despite the loss of its flagship title, Mr O'Reilly said the group retained a geographically and functionally diversified and profitable portfolio. It publishes the Irish Independent and Sunday Independent in Ireland, as well as newspapers in countries including Australia and South Africa.
"Overall, we are experiencing more stability in our trading performance across each of our regions, though aggregate advertising revenues have yet to show growth on the prior year and advertising conditions remain volatile," he said.
Reuters