Trinity Mirror profit up after Local World acquisition

Michele Maatouk Sharecast | 27 Feb, 2017 10:59 | | |

  • 107.50
  • 0.23%0.25
  • Max: 109.50
  • Min: 106.25
  • Volume: 81,506
  • MM 200 : n/a
17:17 24/03/17
  • 7,686.64
  • 0.65%49.37
  • Max: 7,687.27
  • Min: 7,633.75
  • Volume: 0
  • MM 200 : n/a
17:18 24/03/17
  • 5,379.36
  • 0.24%12.83
  • Max: 5,381.33
  • Min: 5,366.53
  • Volume: 0
  • MM 200 : n/a
17:25 24/03/17
  • 3,995.03
  • -0.05%-2.10
  • Max: 4,002.17
  • Min: 3,987.92
  • Volume: 0
  • MM 200 : n/a
17:20 24/03/17

Trinity Mirror, the UK's largest local newspaper group, reported a jump in full-year profit and revenue, thanks in part to its acquisition of Local World.

For the 53 weeks to 1 January 2017, adjusted pre-tax profit rose to £133.2m from £107.5m the year before, on revenue of £713m, up from £592.7m.

The company attributed the increase in revenue to the benefit of the acquisition of Local World back in November 2015 and an additional week of trading in 2016, which was partly offset by the cessation of the Independent print and distribution contract in April 2016 and the sale of Rippleffect in August 2016.

The Local World acquisition also helped to offset losses at the New Day, which was killed off less than three months after launch.

Print advertising revenue declined 17.9% on a like-for-like basis.

Sales of the Daily Mirror fell by 10.8% compared to a 5.1% drop for the UK national daily tabloid market. The Sunday Mirror and Sunday People volumes declined by 14.7% and 14.1%, respectively, in a UK national Sunday tabloid market that fell by 6.6%.

Meanwhile, the Daily Record was down 11.5% against an overall Scottish daily tabloid market decline of 7.9% and the Sunday Mail was down 13.9% against an overall Scottish Sunday tabloid market decline of 10.0%.

Chief executive Simon Fox said: "We have delivered a strong financial performance in the year despite the challenging environment we face. I am particularly pleased with the progress we have made in growing our digital audience and revenue, and with the work we have done this year to develop and refine our strategic priorities for the year ahead."

At 1056 GMT, the shares were down 5.2% to 113.05p.

More news

20:27 Republicans pull healthcare bill before vote

The White House pulled its proposed bill to reform the US healthcare system at the last moment despite what some had assumed to be widespread Republican support to revamp Obamacare.

20:06 Week ahead: Stage set for Parliament to approve Brexit

Great Britain will formally announce its decision to exit the European Union this week, on Wednesday, kick-starting two years of negotiations with the bloc.

19:37 Weekly review

The FTSE 100 retreated by 88.14 points to end the week at 7,336.82.

19:12 Europe close: Stocks head into the weekend on a mixed note

On the eve of the European Union’s 60th anniversary, European stocks ended on a mixed note after a key vote on a US healthcare bill was postponed, but the euro strengthened after data showed the eurozone's recovery had gained momentum.

18:47 FX round-up: Sterling downcast on Friday as US Congress votes on Trump's Healthcare Bill

Sterling turned in a downcast Friday performance as it slipped on most key pairs, with global markets drifting as US President Donald Trump's Healthcare Bill goes to a congressional vote, and ahead of UK formally beginning its EU-exit talks next week.

18:43 US durable goods orders jump in February, but details weaker

Orders for goods meant to last more than three years jumped in February on the back of a large increase in those for civilian aircraft.

18:05 Smiths Group sales improve as new strategy kicks in, further disposals eyed

As it makes early progress with a new strategy, engineer Smiths Group reported improved revenues in the second quarter and an unchanged full year outlook.

18:02 London close: FTSE drifts lower ahead of pivotal US Congress healthcare vote

Equities in London spent most of the session adrift with a slightly negative bias ahead of the US congressional vote on President Donald Trump's Healthcare Bill, with little in the way of domestic corporate or economic news to provide firm direction.

17:29 US open: Stocks edge higher ahead of second healthcare bill vote

Ahead of the second attempt on the Congressional vote on the Republican healthcare bill, US stocks were trading slightly higher on Friday, but were on course for their worst weekly performance in months.

17:02 Small cap news round-up

FastJet has appointed a new chief financial officer along with other appointments to strengthen its board as the African budget airline attempts to turnaround its fortunes.