Trinity sees profits rise despite revenue slump
PUBLISHING group Trinity Mirror, which owns the Liverpool Echo and the Manchester Evening News, has reported a 2.6% increase in full-year pre-tax profit but revenue slumped by £42.7m.
The group’s results – for the 52 weeks to December 31- show profit before tax of £101.3m (2012: £98.7m) but revenue was down to £663.8m (2012: £706.5m).
However, Trinity Mirror suggests there was a clear improvement in revenue trends as the year progressed.
Net debt reduced to £97m after Trinity invested £14.2m in Local World – the new community-based local news operation headed by former Mirror Group boss David Montgomery – and brought forward £9.1m of pension funding payments due in 2014.
The group says it is on track to repay £44.2m of maturing debt in June 2014, substantially from cash flow. It has also experienced strong growth in its digital audience and digital display advertising revenue.
It said average monthly unique users grew by 58.9% and average monthly page views grew by 66.3% year on year across its publishing operations with digital display advertising revenue growing by 30.1%.
The group said 2014 trading has started in line with expectations, with year on year revenue declines in the first two months of 3% and continued strong growth in publishing digital revenues.
Chief executive Simon Fox said: “Strong print and digital revenue trends at the end of 2013 enabled us to finish the year ahead of expectations. It is clear to me that our strategy for growth, which I outlined in March last year, is gaining momentum. I am particularly pleased with our rapidly growing digital audience and with the benefits we are driving in harnessing the combined strength of our national and regional titles.”
