APN has issued a statement to the stock exchange which is strangely silent on the INM sell out, but does draw a line at the conclusion of a major restructuring process. The finalisation of the restructuring allows the company to move forward on the INM sale in an orderly fashion.

The statement provides an update to APN shareholders on the completion of its three year restructuring program, as well as a review of current trading, in lieu of the previously planned investor conference. The statement says:

“During the period APN completed a number of projects across all divisions aimed at upgrading business models. Over the past three years over A$150 million has been invested to improve efficiencies within APN.”

It details the efficiencies achieved and comments on the company’s present trading situation.

CEO Brendan Hopkins says:

“These are challenging times for all businesses. Our long term investment plan to upgrade business models across all our areas of operations has facilitated further cost savings. In this uncertain financial climate we must do everything we can to ensure that all our businesses are in the best possible shape for the future.

“Our diverse range of media businesses across five countries continue to perform in line or better than their respective markets…

“Elsewhere our New Zealand Publishing, Radio and Outdoor businesses are challenged by testing market conditions although Radio in Australia has been recently gaining after losing share at the end of 2007 and in the early part of 2008.”

The full statement is available by clicking the link below.