In an interim statement to the City, the group said its operating profit had improved following a 45% fall in the first half of its financial year, which had also been partially offset by cutting costs across its businesses.
In the 43 weeks to October 2009, IN&M said its total revenue was down 14%, with group advertising revenue falling 19% and group circulation revenue dipping 2%.
IN&M, which is negotiating a further extension to its standstill deal with its main banks and bondholders over €200m worth of bonds, cited its group performance as a marginal improvement on the year.
The publisher has two forthcoming shareholder meetings. Denis O'Brien, the group's second-biggest shareholder, is at odds with the company over a number of issues and is trying to force the resignation of IN&M chairman, Brian Hillery, and replace senior independent directors.
He also wants the closure or selling of The Independent and The Independent on Sunday, although this will not be voted on at the shareholder meeting.
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