Blaming a fall in ad revenue chief executive, Sly Bailey, said that they had no plans to cut cover prices, but they have a new cost savings target.
Commenting on the results, Bailey said, "we have implemented a further efficiency programme which will deliver at least an additional £20 million of savings in 2009 by accelerating technological improvements to processes across editorial, advertising and pre-press."
Operating profits have fallen from £95.6m to £80m for the half year to June 29th, their regional titles have also seen operating profits drop from £58.1m to £45.5m.
Trinity Mirror
Painting a gloomy outlook, the report blames inflationary cost pressures "in particular energy and essential food items, and the wider implications of the credit crunch."
They have not ruled out job cuts:
"Management continues to manage the cost base tightly and will continue to seek opportunities for further efficiencies in operations. At this stage the Board anticipates performance for the year to be in line with expectations following the trading update issued on 30 June 2008."
There is one ray of light for the group with regional online income growing by 33% and they have announced ambitious plans to increase this even more.
They aim to double their online audience by 2010 to 24m unique users, with digital revenues of £100m by the following year.
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