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Trinity reports familiar picture of increased profit but declining regionals |
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Friday, 03 August 2007 |
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Trinity Mirror has reported a rise in its interim profits from £91.4m to £98.2m but a decline in profits at its regional division from £61.2m to £55.6m on regional turnover down from £243m to £234,3m. Turnover across the group for the 26 weeks to 1 July was essentially flat at £528.2m.
The announcement echoes the statement issued by Guardian Media Group on Wednesday this week . The company puts its profit increase down to good housekeeping, careful costs control and improving market conditions. Trinity stressed that it continues to invest strongly in its regional assets it intends to retain but sees much of their future growth arising in related areas to the existing publications, such as events and new niche print and digital ‘companion’ titles.
Elsewhere Trinity is busily disposing of a number of assets, primarily regional, which are expected to raise a further £450m, a lower figure than the market expected.
Growth in digital revenues has been stronger in the regional division at over 25% compared to the nationals where growth has been slower at circa 17%. The total number of unique users during the half year rose by over 40% to just under 3m.
Chief executive Sly Bailey said the company was expecting market conditions to continue to improve.
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