Trinity Mirror announces profit rise in interim results

 

LONDON - Trinity Mirror has warned the disposal of its southern, Midlands and racing titles will raise less money that it had originally hoped.

The newspaper publishing giant said it had reduced the value of the titles it was looking to sell by £150m, and expected to make £450m from the disposals.

Trinity said in January that it was launching a strategic review, with a view to selling off a number of regional titles including the Birmingham Mail and South London Press. Its racing division, including the Racing Post, was also put up for sale.

The group said it was making good progress with the disposal, and expected the sale to be completed within the third quarter of this year.

Trinity announced yesterday that it was selling 36 of its London and south-east titles to Tindle for £18.75m.

Last month, it completed the disposal of its Berkshire papers to the Dunfermline Press and sold 25 titles around Surrey and Sussex to Northcliffe for £64m.

Announcing its interim results for the first half of 2007, Trinity Mirror said it had seen a 7.4 per cent rise in pre-tax profits in the first half of this year to £98.2m, compared with this time last year.

Revenues at the Mirror, People and Racing Post publisher were broadly flat year on year at £526.3m.

Trinity Mirror chief executive Sly Bailey said stringent cost control and improving market conditions had helped the publisher boost its profits.

"The progress of our multi-platform strategy coupled with improving trends in our advertising markets gives us confidence in our ability to drive further growth," she said.

The group has embarked on a £10m cost-cutting initiative, and has so far saved around £6m.

Trinity is seeing double-digit revenue growth in its digital operations. It has launched 15 hyperlocal websites attached to its regional titles so far this year, and is looking to launch another five before the end of the year.

 

 

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