Independent News & Media in first revenue rise for two years

Independent News and Media's shares today surged 6.5% after it swung to a 63 million (£52 million) profit in the six months to June compared with a 48.5 million loss a year earlier.

The owner of the Irish Independent and the Belfast Telegraph said underlying advertising revenues rose 1%, with July and August also up.

INM, which this year sold its Independent titles to Evening Standard owner Alexander Lebedev, has more than halved net debt to 360 million in the last year.

Revenues for the six months to June 30 were up 7.8% to 656.5 million (£538.6 million) - its first such rise in two years). Earnings before interest, tax, depreciation and amortisation were up 26.1% to 115.6 million (£94.8 million).

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.

"Assuming a continuation of these positives, we are targeting an improved operating performance for the year, in line with current market expectations."