Trinity Mirror plc has issued a statement to the stock market to report a further drop in advertising in their national and regional publications.
At the same time the management said that regional digital revenues have gone up 26% for the year to date, but they have slowed for this period (the last 17 weeks).
Regional newspaper circulation has also dropped by around 3.8%.
In the statement, Trinity Mirror blames the worsening economy and that advertising has come in line with these poor trading conditions.
"In view of these uncertain market conditions we expect trading to remain challenging and therefore remain cautious about prospects for the remainder of 2008 and for 2009," continued the statement.
"In response the Group is taking a series of measures to drive efficiencies through reengineering and reducing costs. We will deliver annualised cost savings of £25m in 2008 being £5m ahead of target. In addition incremental cost savings of at least £20m will be delivered in 2009."
The closure of their Liverpool press site will mean a non cash charge of £15m for 2008. They added that the £7.5m investment in their Oldham print plant is on target for the end of 2009, which they believe will provide cheaper, full colour printing of North West papers.
The statement added that they had made no acquisitions apart from Rippleffect, but that was in the first part of 2008.
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