Irish-headquartered international newspaper group Independent News & Media, the fiefdom of former Heinz chief executive, recently ennobled Sir Tony O’Reilly, took a profits hammering in 2001, according to results published Wednesday.

Full year profits slid dramatically from £95.3 million ($137.75m; €154.84m) in 2000 to £37.9m for 2001 – a fall of nearly sixty per cent and well below analysts’ expectations.

In the UK, however, the picture was less grim, realising profits 47% up at £10.6m; while Ireland itself delivered an increase in operating profit of 10.9%

The decline was attributed to the global downturn in adspend, exacerbated by the strategic acquisition of the Belfast Telegraph Group, the investment in the new Citywest printing facility in Dublin and the accelerated amortisation of banking costs as a result of restructuring in Australasia.

Data sourced from: BrandRepublic (UK); additional content by WARC staff