29th Feb 2016 08:17
LONDON (Alliance News) - Trinity Mirror PLC launched its new print newspaper on Monday and said it has increased its dividend payment for the last financial year despite reporting a fall in revenue and profit.
The company, which has now officially launched its new print newspaper, 'The New Day', said its 2015 dividend will rise to 5.15 pence from the 3.0 pence paid last year, representing a 72% lift.
The rise comes despite pretax profit dropping to GBP67.2 million in 2015 from GBP81.6 million in 2014, with revenue down to GBP592.7 million from GBP636.3 million. That pushed operating profit in 2015 down to GBP82.2 million from GBP98.6 million.
However, Trinity Mirror's adjusted results, which excludes exceptional items, restructuring charges, amortisation and other items, were much healthier.
Adjusted pretax profit in 2015 rose to GBP107.5 million from GBP102.3 million whilst the adjusted operating profit rose to GBP109.6 million from GBP105.5 million.
"Our strategy remains to grow digital audience and revenue whilst protecting print revenue and supporting profits through the tight management of the cost base. In addition we are making good progress with the integration of Local World. We have targeted structural cost savings of GBP15 million, including synergy savings, in 2016," said the company.
Trinity Mirror shares were up 4.8% to 160.0 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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