The Independent and Belfast Telegraph publisher Independent News & Media (INM), which operates 100 websites, saw online revenue grow 23.3 percent in the six months to June 30 - but investment in the web and a poor UK economy dragged down the bottom line.

Group net profit was actually up 28.2 percent to €48.7 million - not bad, considering the worsening outlook for advertising, which dipped only 0.6 percent group-wide.

But online investment was included in 1.4 percent higher group costs, and the publisher recorded “certain online and education start-up development costs” of €6 million as part of a €19 million exceptional charge - mainly web setup costs in Australasia and Ireland. And the group recorded a €1.5 million loss against online when factoring in its Indian JV.

—UK: But UK profit crashed 35.6 percent to €4.7 million on 14.1 percent worse revenue, blamed on “challenging trading conditions and poor consumer sentiment” including the housing downturn. A saving grace, the Indie website‘s November redesign saw page impressions double to 27.5 million by June, and currently stand at 30 million.

In Northern Ireland, though recruitment and property ads were hit, the launch of its new NICarFinder cars site came at just the right time to record a “strong” motors performance. “Advertising/online” fell 7.7 percent in the UK.

—Ireland: INM fared better at home, profit down just 3.9 percent to €48.9 million, but the group said that “reflects the increased investment in online activities and marketing”, launching yourlocal.ie and herald.ie. Irish online revenues were up 19.7 percent.

Release & Financials | Presentation