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.
John Reynolds, Media Week, 11 June 2008, 3:50pm
INM warns of 'volatile' press ad market
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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