The sale of the Independent newspapers has enabled Independent News & Media to post pre-tax profits of €63m (£51.6m) for the first half of the year.

INM, which had reported a pre-tax loss of €31m for the full year 2009, credited the profits to the improved  advertising conditions it witnessed in this year. It reported total revenues up 7.8% year on year to €656m with a 26% improvement in operating profits, not including exceptional items, to €94.6m. The group is also optimistic about the second half of 2010.

Commenting on the results, INM group chief executive, Gavin O'Reilly, said: "After an extremely difficult 2009, we've had a very good start to 2010, achieving a number of important milestones in revenue growth, market share, profitability and further deleveraging." He further added: "As there have been a number of changes to our asset base, it is most pleasing to note an underlying 1% increase in advertising and an improving trendline occurring in all of our markets, albeit at different speeds."

The company is also optimistic about its future prospects. A representative for the company said: "The resulting elimination of all future trading liabilities, obligations and future losses incurred by the Independent titles is immediately earnings accretive for INM and is an important strategic step that focuses the group solely on its market-leading, cash-generative businesses going forward."