The advertising markets Independent News & Media Plc operate in remain tough but the trend line is improving and its profit forecast for the year still stands, the group's chief executive said on October 8.
The Dublin-based publisher said in August that it was targeting full-year operating profit in the range 78-83 million euros, and Gavin O'Reilly told Reuters that forecast, which he said requires a good fourth quarter, still stands.
"The ad market is still tough out there. It's getting a little bit better. The trend line is improving but it's still negative," O'Reilly said in an interview on the sidelines of a two-day conference in Dublin.
"It's very erratic; visibility is very, very short term. Talking to a lot of ad agencies, they seem to have competing views; some think October, November will be better, some think it will be worse."
O'Reilly said there had been great economic news in INM's main market of Ireland in recent weeks but that there would be a lag before consumers saw the benefits, particularly with another austerity budget coming in December. "The sooner there is clarity on exactly what (the budget) means to the individual the better, because it's clear the savings rate is up and people are holding back on expenditure. There is money in the economy, but the consumer isn't spending it yet," O'Reilly said.