Mixed bag of results for Trinity Mirror

NEWSPAPER publisher Trinity Mirror – owner of the Birmingham Post & Mail and the Coventry Telegraph – has reported a fall in revenue but a slight increase in profit.

The company, which also publishes the Daily Mirror, Sunday Mirror and the People, also said it had put aside £12m to deal with civil claims arising from phone hacking.

Group revenue fell by 4.1% to £636.3m compared to a decline of 6% for 2013. Publishing digital revenue continued to grow by almost 50% throughout the year.

Tight management of the cost base with structural cost savings of £15m – £5m ahead of target – and a fall in interest costs, underpinned the profit before tax of £102.3m, up 1%.

This and a fall in the rate of corporation tax led to increased adjusted earnings per share from a loss of 39 pence to earnings of 28.1 pence because 2013 was impacted by a £225m impairment charge.

A final dividend for 2014 of 3 pence per ordinary, payable on June 4, is proposed.

Chief executive Simon Fox said: “I am pleased with the financial and strategic progress we have made in 2014.

“We continue to invest across the group in people and technology and this is delivering significant growth in digital audience and revenue.

“Whilst print has remained challenging, our continued focus on efficiency and cost management has resulted in another year of profit growth and strong cash flow which has enabled us to significantly reduce net debt and propose a final dividend for 2014, the first since 2008.”