LONDON (ShareCast) - Adverse currency movements prevented Independent News and Media from declaring an increase in revenues in “challenging advertising markets” in the first .

The Irish publisher of The Independent newspaper said group revenue in the first half of 2008 was €780.5m, down 3.7% from €810.5m in the first half of 2007, but up 3% at constant exchange rates.

Circulation revenues at constant exchange rates rose 2%, while revenues from online activities jumped 23.3%.

The Outdoor division grew revenue by 23.6% but the Radio arm fared less well, with underlying revenue down 3.9% despite gains in market share in the second quarter.

Profit before tax edged up to €96.6m from €94.1m.

The company acknowledged the tough market conditions it is currently operating in but said it expects full year results to be in line with expectations if the first half advertising trends continue.

The interim dividend has been maintained at 4.57 cents per share.

• News Channel