Trinity Mirror announces £24m reduction in debts
NEWSPAPER group Trinity Mirror says it is on track with the “transformation of its publishing capabilities” to support the development of multi-platform media activities.
In a management statement covering the 17 week period to the end of April, the publisher of the Birmingham Post, the Birmingham Mail, the Coventry Telegraph and the Stafford Post says it is also making good progress with its digital investments.
“Our investment in the daily deal markets with a new brand, happli, is progressing well and we are now live in eight cities and plan to launch in a number of other cities by the end of 2012,” the statement said.
“Subscriber numbers are already over 100,000 and we expect further growth over the remainder of the year.”
Trinity Mirror said strong cash flows enabled net debt reduction of £24m to £197 million during the period and it anticipates a further decline in net debt for the remainder of the year.
“We anticipate repaying the £70m of US private placement loan notes maturing in June 2012 through a combination of cash balances held at the period end, further cash generated during May and June and a drawing on the group’s existing bank facility,” it said.
It was announced last week that Trinity Mirror chief executive Sly Bailey will step down from the newspaper group at the end of the year, amid mounting investor unrest over her £1.7m-a-year pay packet and a drop-off in the company’s share price.
