Independent News & Media PLC Trading Statement (9797V)
November 09 2017 - 1:00AM
UK Regulatory
TIDMINM
RNS Number : 9797V
Independent News & Media PLC
09 November 2017
INM PROFIT EXPECTATIONS FOR FY 2017 REVISED DOWNWARDS FOLLOWING
A DECLINE IN REVENUE AND INCREASED LEGAL COSTS
Dublin and London 9 November 2017: Independent News & Media
PLC (INM ID, INM LN) Trading Statement.
INM announces a material reduction in expected full year Profit
Before Tax [PBT]. The reduction in PBT expectation is primarily
driven by a combination of ongoing challenging market conditions
and higher once off legal costs, than previously envisaged.
In line with recent global trends in the media industry, INM
continues to face ongoing revenue challenges with continued
uncertainty in the market including Brexit.
Legal costs related to the Independent Review and meeting the
ongoing requirements of the Office of the Director of Corporate
Enforcement ("ODCE") have been significantly higher than previously
estimated.
The company is actively engaged in tackling the challenges it
currently faces and will continue to seek to maximise its revenue
streams.
Preliminary results for the twelve months ending 31 December
2017 will be announced on 9 March 2018.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
- Ends -
For further information, contact:
MEDIA INVESTORS & ANALYSTS
Brian Bell Michael Doorly
Wilson Hartnell Group Chief Executive Officer
+353 1 669 0030 (office) Independent News & Media PLC
brian.bell@ogilvy.com +353 1 466 3200
michael.doorly@inmplc.com
Ryan Preston
Group Chief Financial Officer
Independent News & Media PLC
+353 1 466 3200
ryan.preston@inmplc.com
NOTE REGARDING FORWARD LOOKING-STATEMENTS
Some statements in this announcement are forward-looking. They
represent our expectations for our business and involve risks and
uncertainties. We have based these forward-looking statements on
our current expectations and projections about future events. We
believe that our expectations and assumptions with respect to these
forward-looking statements are reasonable. However, because they
involve known and unknown risks, uncertainties and other factors,
which are in some cases beyond our control, our actual results or
performance, may differ materially from those expressed or implied
by such forward-looking statements. These forward-looking
statements speak only as of the date of this document and no
obligation is undertaken, save as required by law or by the Listing
Rules of the Irish Stock Exchange and/or the UK Listing Authority,
to reflect new information, future events or otherwise.
ABOUT INDEPENDENT NEWS & MEDIA PLC
INM is a market-leading media Group in the Republic of Ireland
and Northern Ireland, with a strong newspaper and digital presence.
INM is a leading online news publisher, the largest wholesale
newspaper distributor and a leading contract printer on the island
of Ireland. It manages gross assets of EUR225.3m and employs
approximately 800 people.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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