Challenging conditions for media group
Trinity Mirror suffers further fall in revenue
Trinity Mirror, owner of the Daily Record and Sunday Mail, said trading conditions for print advertising remains “challenging” and revenue fell in the opening months of the year.
Ahead of today’s annual general meeting it said it continues to make progress against its strategy and expects performance for the year to be in line with market expectations.
In a trading up for the 4 month period from 2 January 2017 to 30 April 2017 it said group revenue fell by 16% over the period. On a like for like basis group revenue fell by 9% which is in line with the trends experienced in the first two months of the year.
Within this, publishing revenue fell by 9% on a like for like basis, with print declining by 12% and digital growing by 6%. Publishing print advertising revenues fell by 19% and circulation revenues fell by 6%.
Digital display and transactional revenue grew by 19%. Digital classified advertising, which is predominantly upsold from print, remains challenging and fell by 24%.
Since August 2016, the Group has acquired 5.6 million shares for £5.8 million and has paid £7.5 million to the pension schemes relating to the share buyback programme.
Simon Fox, chief executive, said: “Whilst the trading environment for print remains challenging we continue to make progress on our strategic objectives of Grow, Build and Protect.
“I am particularly pleased that we continue to see good growth in digital display and transactional revenue and tightly manage costs which gives confidence in our performance for the year.”