Independent News and Media (INM) is planning a major restructuring including job losses after agreeing a deal with its banks to cut its debts. The newspaper group will cut €26 million from its costs.
In a statement this morning INM says that its debts will be reduced after reaching agreement with its lenders.
Its borrowings will fall from over €460 million to about €118 million.
The firm has announced its results for the 12 months ending December 31st 2012. Highlights from the report include:
- ƒRevenues of €539.7 million, down 3.3%
- ƒOperating Profit, pre-exceptionals, of €59.7 million, down €15.8 million on 2011
- ƒOperating Costs reduced by €2.5 million
- ƒNet exceptional charges after tax totalled €273.7 million primarily driven by non-cash asset impairments in APN and Island of Ireland and costs relating to headcount reductions of over 200 in 2012
It says weak economic conditions across Ireland and the impact of continued uncertainty across the Eurozone resulted in a €7.4 million reduction in operating profit during 2012.
The group employs approximately 2,800 people world-wide.
Chief Executive of INM Vincent Crowley says up to 100 jobs could be cut at the firm. He spoke to Breakfast here on Newstalk.
