27 July 2011 – interim results

Revenue in the six months to 30 June 2011 was €672.2m, down €5.0m on 2010.  Advertising revenue was down €11.9m.  EBITDA was €66.1m, 3% lower than in 2010.  Adjusted earnings per share were up 22% AT €0.181 per share. 

The cash inflow before acquisitions and disposals was €12.8m (2010: outflow of €2.5m) after exceptional operating cash charges of €21.2m (2010: €26.0m) and net capital expenditure and other investments of €6.6m (2010: €19.1m).  Net debt as at 30th June was €301.9m, down by €53.0m from 30 June 2010 and by €8.8m from 31 December 2010.  The disposal of a 51% stake in Presspublica, which is due to complete in September 2011, is anticipated to result in a net debt reduction of approximately €13m after disposal expenses and the deconsolidation of cash balances within Presspublica.  We remain happy with progress and continue to rate the shares as a BUY.