Revenues were up 2.4% to €815.5m. IN&M attributed the growth to its publishing division, which reported a 6.3% increase in advertising revenue and a 2.5% increase in circulation.
In the UK, operating profits rose by 19.7% to €7.3m for the first six months of 2007. However, operating margins fell 5.4% due to the acquisition in the second half of 2006 of the low-margin WNS, a Northern Ireland wholesale distribution business.
All the markets it operates in -- the UK & Ireland, South Africa, Australasia and India -- showed growth in advertising, with increases in both aggregate volumes and rate.
Group advertising revenues, including online, increased 7.1% year-on-year, driven by good display revenue growth for The Independent and good classified growth, particularly in recruitment, property and motors in the Northern Ireland titles.
Online revenues for the group continued to grow year-on-year, with particularly good growth for The Independent's , as well as for the and the recruitment sites.
Sir Anthony O'Reilly, chief executive of IN&M, said: "This strong performance reflects the clear benefits of our low-cost ethos and our multi-market and multi-media strategy.
"The positive trends we have experienced in the first half across all our markets have continued into the second half and, based on the continuation of these trends, we believe that [the] group's wide-ranging activities will deliver continued earnings growth and sustain industry-leading operations."
_1.jpg)
.jpg)
