Independent News & Media, owner of the Belfast Telegraph and the Irish Independent, reported a return to profit growth last year but warned that ad revenue was still falling.

The company’s underlying operating profit was up 14 per cent to €87.9m (£76m) last year on a pre-tax profit of €4.6m. Revenue was up 3.3 per cent to €605.3m.

INM’s net debt was also reduced by 17.5 per cent to €473.6m. However, advertising revenue – which comprise 41 per cent of total income – remained down last year and was seven per cent down in the year-to-date, the company said.