14th Nov 2013 10:46
LONDON (Alliance News) - Shares in Trinity Mirror PLC gained 13% Thursday after it said it expects its full-year performance to be at the higher end of expectations.
Declining revenues in both print and digital slowed during the period. Although revenues declined 11% in the first quarter, this decline slowed to 6% in the second quarter and 5% in the third quarter.
Average monthly digital-only users were up 68% compared to the previous year, and digital display advertising revenues grew 27%. Print advertising revenues dropped by 11% during the period. The company did not provide any revenue figures, only the percentage changes.
The company is currently handling allegations made against several of its employees in relation to the Metropolitan Police's Operation Elveden, relating to allegations of inappropriate payments to public officials, and Operation Weeting, a investigation into alleged mobile phone hacking.
Trinity said that it will "not accept wrong doing within our businesses and takes these allegations seriously." The company said that, as well as co-operating with the police, it has asked external lawyers to investigate all of the allegations.
However, Trinity said it was too early to know how far the investigations will progress or what financial effect they might have.
"Although I expect continued volatility in revenues, the progress we are making provides the board and I with confidence that our performance for the year will be at the higher end of market expectations," said Chief Executive Simon Fox in a statement.
Trinity Mirror shares were quoted at 155.25 pence per shares Thursday mid-morning, up 17.25p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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