The Week: City News - Poor outlook for IN&M

Independent News & Media has delivered a poor outlook for the year, due to a 33.5 per cent fall in ad revenues.

The company, which owns the The Independent and The Independent on Sunday, reported first-half losses reduced to EUR3.8 million from EUR4.7 million last year, with overall revenue down 28.5 per cent to EUR82.6 million. Gavin O'Reilly, the Independent News & Media chief executive, also predicted that its national papers would stop losing money by the end of 2010.