Profits at Trinity Mirror sank 41% last year as the severe economic downturn hit advertising revenues and budgets shift online. The publisher, which owns the Daily Mirror newspaper and 120 regional titles, remained cautiously optimistic, saying it had seen signs of an improving advertising market, and the trend should continue. Pre-tax profits at the media […]
Profits at Trinity Mirror sank 41% last year as the severe economic downturn hit advertising revenues and budgets shift online. The publisher, which owns the Daily Mirror newspaper and 120 regional titles, remained cautiously optimistic, saying it had seen signs of an improving advertising market, and the trend should continue.
Pre-tax profits at the media group tumbled to £72.7m, from £124.2m, with revenues down 11.8% to £763.3m. Trinity’s chief executive Sly Bailey said she was still cautious about prospects for 2010.
04/03/2010
Adjusted operating profit fell 27.4% in the year to January 3 to £105.4m, helped by £68m in cost cuts. The group cut about 20% of its workforce and imposed a pay freeze., and it plans to cut another £20m from its cost base this year.
Trinity bought the Manchester Evening News last month as part of a £44.8m deal for most of the Guardian Media Group’s regional newspapers and websites.
The national newspaper division, which also includes the Sunday Mirror and the People, saw revenues fell 3.2% to £460.4m, with advertising falling 7.8% to £132.9m.
But circulation revenues fell by just 0.5% to £266.8m, which Ms Bailey said showed the “resilience of our brands”.
Advertising revenues from the national newspapers’ digital operations fell from £5.6m to £4.8m.
Ms Bailey said trading this year would be tough, but that there were signs of optimism. “Whilst the board remains cautious about the economic outlook, it anticipates a satisfactory performance in 2010,” she said.
