Trinity cost cuts offset revenue dip

Share this article
Have your say

Newspaper publisher Trinity Mirror has overcome a drop in revenues to deliver higher profits for the first half of the year.

The owner of titles including the Daily Record, Daily Mirror and Sunday Mail was helped by a reduction in costs, which dropped 9.2 per cent during the six months to 30 June.

Revenues fell 8.5 per cent to £332 million, with much of the decline blamed on last year’s launch of the rival Sun on Sunday title. Pre-tax profits edged up 2.5 per cent to £49.3m.

Chief executive Simon Fox said a 4.6 per cent fall in circulation for the Daily Mirror had outperformed the national daily tabloid market, which shrank 9.6 per cent in the first half.

He added: “We expect the trading environment to remain difficult for the remainder of the year, with continued month-on-month volatility.”

Net debts at the group, which employs more than 5,000 people, fell by £36.7m to £120.3m.