Trinity Mirror on track despite advertising revenue drop
LONDON – Trinity Mirror is on track to post full-year results in line with expectations despite a 5.7% drop in advertising revenues at its national newspapers titles, including the Daily Mirror.
Ad revenues at its national newspapers and its Scottish titles were down 5.7% for the five-month period. Scottish titles the Daily Record and Sunday Mail saw ad revenues drop 5.5%.
In a trading statement ahead of its preliminary results, due on February 26 and covering the five months to November, the company blamed the performance of its national newspaper's ad revenue on "difficult and volatile" conditions.
However, this was offset by its regional newspaper division, which saw ad revenues rise in the second half of the year.
Year on year, group advertising revenues are up 1.0%, while regional ad revenues, including digital operations, grew 3.9%. This was despite a 0.7% year-on-year fall across its regional newspapers in London and the South East.
The news at its national titles was not all doom and gloom as it posted a 5.2% rise in circulation revenues, largely as a result of the decision to restore the price of the Daily Mirror to 32p outside Scotland, following its disastrous price war last year with The Sun.
Its regional circulation revenues were up 2.1%, contributing to group circulation revenue growth of 4.7% year on year.
The company statement, released this morning on the London Stock Exchange, said its Stabilise Revitalise Grow strategy, revealed earlier this year by chief executive Sly Bailey, is "on course and the board is confident that, despite the adverse effects of continued volatility in the advertising market for our national titles, performance for the year will be at least in line with expectations".
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