Independent News & Media plc revised earnings guidance for the full year of 2017. The company announced a material reduction in its expectation for full year profit before tax to below market consensus driven by the challenges the media industry and INM continue to face. These include a decline in circulation and readership, a decline in advertising revenues, ongoing uncertainty arising from Brexit, lower than expected growth in digital revenues and increased costs arising from legacy libel awards and the Independent Review. As a result of the continued publishing advertising decline and lower than expected growth in digital revenues, total advertising is forecast to decline by 7% year on year.