WHEN SIR Anthony O’Reilly was in charge, it used to be the safest dividend in town but Independent News & Media hasn’t paid a divvy since 2008.

Since then, the Irish media company has been the subject of a messy shareholder spat and undergone a major restructuring.

This week IN&M produced full-year results in line with expectations. Its cost base has been significantly reduced, net debt has almost halved in three years, and profits are growing.

So when might IN&M resume paying a dividend?

“I hope that towards the end of 2012 based on our own internal estimates,” chief executive Gavin O’Reilly said.

“It really depends on the quality of the recovery and if there is a recovery.

“But certainly there would be an expectation that there would be dividends paid in the future.

“Our shareholder base have invested in the company on that basis over the past 15 to 20 years but we’ve got to make sure that we get the credit metrics right.”