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More cost cutting at Trinity Mirror as profits fall |
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Friday, 27 February 2009 |
Trinity Mirror plc, the publisher of several North West regional titles has announced further cost-cutting as it reports a 22% drop in like-for-like full year profits.
"Faced with falling revenues and inflationary cost pressures, particularly significant newsprint price increases, 2009 will see a continued focus on the management of costs. This includes a tight recruitment policy and the implementation of a Group wide pay freeze. We are confident of achieving new cost savings of at least £25 million in 2009," read the statement.
 Trinity Mirror HQ
Overall its full-year operating profits dropped from £186.1m to £145.2m, while the regionals division saw profits fall 37.4% to £68.2m.
There was growth in the digital sector - up 27.1 per cent to £43.6m, but they issued a warning that this was unlikely to continue.
"Trinity Mirror has performed creditably in very difficult trading conditions. While advertising revenues were under extreme pressure we delivered full-year results ahead of market forecasts," commented Sly Bailey, chief executive of Trinity Mirror plc.
"In spite of the downturn, I am a firm believer that careful management of our portfolio of strong print and online brands will enable us to navigate our way through the challenging market conditions as we make the transition to a new lower-cost multi-platform business model.
"With our proven track record of delivering substantial cost savings and driving efficiencies in our businesses, we remain well-positioned to manage our way through these uncertain times for the UK economy.”
The report also mentioned the controversial £7.5m investment in the new Oldham printing plant. Something to add? Then leave a comment below or email us now.
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