Independent News Media announces digital projects to come

INM has unveiled four projects aiming to diversify the group's digital activities.

INM, the Irish based media company and once owned of the Independent, has announced four "significant developments" for the group's online operation.

The company will open an online jobs portal, in collaboration with job-finding site Stepstone, and will also collaborate with New Zealand media group APN in setting a digital coupon service. The group will also hopes to purchase a 50 per cent stake in Ireland's fastest growing car sales site, carisireland.ie, by the end of next week.

INM also announced the appointment of a new online editor for the Ireland section the Irish Independent's website, independent.ie.

These project were announced shortly after the group's results for 2010 were revealed: figures showed a 14 per cent increase in underlying operating profit, currently standing at €87.9m (£76.5m), and a net debt reduction of €570.4 (£496.3m).

The group recently sold its shares in the Irish Daily Star Sunday, where it held a 50 per cent stake, and the Sunday Tribune, where it was a 29.9 per cent shareholder. Both loss-making titles have stopped publishing.