A 37.5% increase in digital advertising to €8.8m helped Independent News & Media (INM) deliver a modest 0.8% increase in total advertising revenues during 2014 according to the group’s financial results for 2014, which were published today.
Total revenues last year amounted to €318.7m, down 1.1% from €322.4m in 2013. Of this, €71.3m was attributable to newspaper advertising, a figure which was down from €73.1m in 2013. Online advertising revenues, however, were up from €6.4m to €8.8m while revenues derived from circulation declined from €107.6m to €105.4m. Elsewhere its deals website, GrabOne, reported revenues of €3.1m, up from €2.9m while revenues from its printing and distribution operations were down from €132.4m in 2013 to €130.1m last year.
At an operating level, the group reported an operating profit of €34 million, a 4% on the figure for 2013. Its operating margin, meanwhile, improved to 10.7%. INM also said it had reduced net debt by 6.3% to €89.3m during the year, with net interest charges for the year €14.7m lower at €6m.