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Independent News & Media announce 7.9 per cent fall in ad revenue

Dublin-based group laments "erratic" Irish market conditions.

Irish media group Independent News & Media has announced that advertising revenue has dropped by nearly 8 per cent for the year to 6 May, with overall profits declining by 5.1 per cent. The company laid part of the blame at an unusual April, with public holidays in several countries where the group has concerns disrupting the usual flow of business.

A company statement concerning advertising income said that, "conditions still remain challenging and the market in Ireland has yet to stabilise and remains very short-term and erratic." On the other hand, the group said that the dip "has been offset in part by better advertising conditions in South Africa." Any predictions about future figures had to be tempered by the difficulties in forecasting advertising trends, said the statement.

Despite a 20 per cent increase in the price of newsprint, overall costs were down 1.9 per cent compared to statistics divulged this time last year. Independent News & Media owns the Irish Independent, Evening Herald and Irish Daily Star among other Irish publications, and in May of last year sold the British Independent and Independent on Sunday to Russian oligarch Alexander Lebedev.