Sales at INM rise 8 per cent

Independent News & Media yesterday posted its first growth in revenue in more than two years as recovering advertising pushed first half-sales up 8 per cent year-on-year.

The group, which in March agreed to sell the Independent and Independent on Sunday newspapers to former KGB agent Alexander Lebedev, said operating profit for the period rose by almost 30 per cent and reiterated it expected its full-year result to improve. Dublin-based INM, which also owns newspapers in Ireland, South Africa and Australasia, said advertising trends, revenue performance and profits continued to improve in July and August.

Chief executive Gavin O'Reilly said: "After an extremely difficult 2009, we've had a very good start to 2010. We are targeting an improved operating performance for the year."