INM, which publishes The Independent and the Independent on Sunday as well as The Irish Independent, also forecast a circulation growth of 3%, with advertising revenues expected to rise 3.5%, off the back of what INM described as "good underlying growth in advertising and circulation revenues".
The group reported a solid performance across its Australian, New Zealand, South African, Irish and UK operations, which it said repeated its first half-performance for 2005.
INM said advertising revenues continued to show growth across colour display, retail and classifieds for the first half of 2006.
Online development was described as "modest", but continued to show good double-digit advertising growth, according to the group, particularly across its main classified pillars.
INM said: "[We] continue to identify new incremental revenue streams and we are increasingly active participants in this area."
Sir Anthony O'Reilly, INM chairman and chief executive officer, said: "Our multi-media, multi-lingual and multi-market strategy for growth, combined with our low-cost ethos, gives us confidence in our ability to deliver another year of superior earnings growth."
O'Reilly increased his personal stake in INM to 26.39% in April, in a move that increased speculation he was trying to ward off an approach from Irish millionaire Denis O'Brien.
O'Reilly said: "Early results for 2006 are fully in line with expectations and we look forward to another successful year of double-digit earnings growth."
The group said it was committed to delivering the lowest cost operations in each of its markets, and expected to report continued underlying growth for its 2006 operating margins as its cost efficiency programmes were fully realised.
In other developments, INM confirmed it had acquired a 20% stake in Cashcade, the online gaming portal, and bought 100% of , the Irish online property website.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
.jpg)
.jpg)