Trinity Mirror profit up after Local World acquisition

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

mirror
  • 100.75
  • 3.07%3.00
  • Max: 104.25
  • Min: 96.25
  • Volume: 244,664
  • MM 200 : n/a
17:19 24/07/17
  • 7,549.28
  • -0.59%-44.73
  • Max: 7,594.01
  • Min: 7,518.16
  • Volume: 0
  • MM 200 : n/a
17:21 24/07/17
  • 5,685.47
  • 0.31%17.80
  • Max: 5,685.47
  • Min: 5,626.71
  • Volume: 0
  • MM 200 : n/a
17:21 24/07/17
  • 4,042.69
  • -0.91%-36.93
  • Max: 4,079.67
  • Min: 4,030.95
  • Volume: 0
  • MM 200 : n/a
17:30 24/07/17

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

19:02 UK to invest £246m in research and development into energy storage

On Monday, redT energy reported a £246m investment from the Department of Business, Energy and Industrial Strategy (BEIS) to aid in energy storage in the UK.

18:16 FTSE 250 movers: Miners Acacia and Petra dig midcaps deeper

The FTSE 250 fell on Monday, though not as much as its larger sibling, with two miners leading the retreat.

17:55 London close: FTSE ends in the red as airlines hit by Ryanair Brexit warning

London stocks ended in the red on Monday, with airlines under the cosh as Ryanair warned over the potential fallout from Brexit.

17:39 Europe close: Stocks end mostly lower as autos skid

European stocks ended mostly lower on Monday, with autos under the cosh as investors digested the latest data on the eurozone manufacturing and services sectors.

17:03 Tuesday preview: Provident Financial in focus, though Victrex could surprise

Tuesday will see the number of companies reporting step up before the throttle is turned right up later in the week, with Croda International, Informa and Segro joined by sub-prime lender Provident Financial following its recent profit warning.

17:49 Acacia Mining hit with USD190bn tax bill from Tanzanian government

Acacia Mining has been sent a tax bill from the Tanzanian authorities totalling around $190bn for unpaid tax and penalties from its Bulyanhulu and Buzwagi mines in the country, which the London-listed company disputes.

15:55 Tesco to launch same day grocery delivery service across UK

Tesco announced on Monday that it will be launching its same day online grocery delivery service across the entire UK from next month.

15:43 US open: Stocks mostly lower as investors eye Alphabet earnings

US stocks were trading mostly lower on Monday as investors awaited corporate news from the likes of Alphabet ahead of what promises to be a busy week on the earnings front.

15:36 FTSE 100 movers: Burberry in fashion as Frere lifts stake; easyjet descends

Burberry shares spiked on Monday afternoon after billionaire Albert Frere lifted his stake in the high-end fashion retailer to 4% from 3%.

15:23 US existing home sales drop more than expected in June

Sales of US existing homes fell more than expected in June, according to data from the National Association of Realtors.