Sir Anthony O’Reilly’s Independent News & Media, the company behind The Independent, rushed out a trading statement last night, hours after the rebel investor Denis O’Brien had raised his stake to 14.5 per cent.

The Dublin-based publishing group said that it had brought forward the update to avoid “negative commentary” on prospects for the global and Irish advertising markest hitting its share price. A further downturn in its stock would make it easier for Mr O’Brien, who has been stakebuilding steadily, to add to his position and gradually threaten the control of Sir Anthony, who controls a holding of nearly 30 per cent.

Total revenues were up 3 per cent in 2007, with advertising up 4 per cent, despite a “sharp slowdown in Irish property advertising”.

Independent News and Media is the largest newspaper publisher in Ireland and owns newspapers in South Africa and has investments in titles in Australia and New Zealand.

Sir Anthony, the chief executive, who has been the principal investor in the company since the 1970s, said that “despite the global turmoil experienced in the second half of 2007”, the business met City expectations and was “well positioned for further growth”.

The O’Reilly family have been baffled by Mr O’Brien’s aggression. The rebel shareholder has demanded that Sir Anthony step aside in favour of a younger man and that the loss-making Independent in London be sold. There is little sign of Independent’s board accepting his proposals.

Meanwhile, Mr O’Brien – whose fortune is estimated at about €2 billion (£1.4 billion) – faces the prospect of an adverse ruling in the decade-long Moriarity tribunal, which aims to establish whether he made any payment to win the Irish Republic’s second mobile phone licence a decade ago.

Yesterday, Johnston Press, the regional newspaper company owning the Leinster Leader group in Ireland, was more downbeat about prospects in the republic. It said Irish advertising revenue fell 1.2 per cent in the five months to November 30, after 10 per cent growth in the year’s first half.

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