5th Oct 2015 07:02
LONDON (Alliance News) - Trinity Mirror PLC Monday reiterated its full year expectations, as it reported improving revenue trends in its third quarter compared to its second quarter.
The company did not provide any further update on its potential acquisition of the remaining stake in regional newspaper group Local World it does not already own, after confirming it was in talks to buy the stake last Month. Trinity has a 20% stake in the company, whilst peer Daily Mail and General Trust holds 38.7% and the Illiffe family 21%.
Trinity Mirror reported a 9% fall in revenue for the thirteen weeks to September 27, compared to a 13% decline in the thirteen weeks to June 28. On an underlying basis, stripping out title closures, revenue fell 7% in the third quarter, compared to a 10% decline in the second.
It saw an improvement in trends in underlying circulation and print advertising revenue in its Publishing division, the company said, down 5% and 16% respectively in the quarter, compared to underlying declines of 5% and 23% in the second quarter. Digital continued to perform well, with digital audience and average monthly unique users up 31% and 48% in the third quarter.
In Publishing, digital revenue rose 24% in the quarter, and publishing digital display advertising rose 33%.
Trinity said it remains on track to deliver cost savings of GBP20 million for the year.
In August, its subsidiary MGN Ltd was given permission to appeal an earlier judgement in relation to civil claims in the ongoing Phone Hacking case, and Trinity Mirror confirmed this appeal will be heard over two days during the week starting October 19.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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