The group, which owns The Independent and The Independent on Sunday, said that ad conditions remain volatile in the current quarter, making it difficult to forecast a full-year outlook.
But it said, assuming there is no further deterioration in the advertising market, it expects "another year of achievement".
The company, which will announce its first-half results on 27 August but which held its annual general meeting today, is embroiled in a row with rebel shareholder Denis O'Brien, the Irish tycoon.
O'Brien, who has spent two years amassing a stake in excess of 25% in the company, is calling for a shake-up of the company's board and for the loss-making UK newspapers to be sold.
The group's chief executive, Tony O'Reilly, has dismissed calls from O'Brien to restructure the board.
INM warns of 'volatile' press ad market
John Reynolds, 11 June 2008, 3:50pm
LONDON - Independent News & Media has warned of a volatile press ad market as it announced revenues marginally ahead of expectations in a trading statement to the City.
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