Independent News & Media (INM) warned revenues will remain flat this year despite posting a 14 per cent rise in underlying operating profit for 2010. It said it expects earnings to improve in the year ahead despite the tough advertising conditions. Excluding disposals and the deconsolidation of Australia’s APN News & Media, in which INM holds a 32 per cent stake, operating profit was €87.9m (£76m) compared with €77.2m in 2009. Revenues for the year rose to €605.3m from €585.7m. It said it plans an expansion of its internet operations.