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Independent News and Media slips into red

Independent News and Media has slipped into the red, it was announced today.

The company, which publishes the Belfast Telegraph and Sunday Life, reported a pre-tax loss of €48.5m for the first six months of the year.

In its UK division, which also publishes The Independent and Independent on Sunday, revenue fell by 28.5pc from €115.6m to €82.6m.

It is running at a loss of €3.8m before exceptional items for the six-month period, compared with the first half of 2008.

The Belfast Telegraph Group advertising revenues declined by 35pc year-on-year with recruitment advertising down 50pc.

Group chief executive Gavin O’Reilly said: “The group’s current forecast presumes a continuation of poor advertising markets to year-end, with no material pick-up from the trend experienced in the first half, save seasonal trends in the run-up to Christmas.

“Accordingly, and dependent on no further deterioration in advertising conditions, the group forecasts operating profit before exceptionals for 2009 to be at the lower end of the range provided in June 2009 of €180m to €210m.”

  • Visit the IN&M website to read the full report.