Independent News & Media plc Announces Group Unaudited Earnings Results for the Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
March 21, 2017 at 03:00 am EDT
Independent News & Media PLC announced group unaudited earnings results for the year ended December 31, 2016. For the year, revenue from continuing operations was 323.4 million compared to 321.2 million a year ago. Operating loss was 52.2 million compared to 32.8 million a year ago. Profit attributable to equity shareholders of the company was 50.3 million compared to 25.5 million a year ago. Profit before taxation was 55.2 million compared to 31.2 million a year ago. Cash generated by operating activities was 27.7 million compared to 34.9 million a year ago. Purchases of property, plant and equipment were 2.3 million compared to 1.9 million a year ago. Purchases of intangible assets were 3.4 million compared to 1.4 million a year ago. Basic and diluted earnings per ordinary share were 3.6 cents compared to 1.8 cents a year ago.
The company provided earnings guidance for the year 2017. The company continues to face challenging times with declining publishing advertising and circulation revenues, and the current slowdown in digital display advertising. However, despite these ongoing challenges, the Group anticipates an EBIT performance in 2017 within market expectations and continued cash generation.