5th May 2016 07:32
LONDON (Alliance News) - Trinity Mirror PLC on Thursday confirmed 'The New Day' newspaper, which was launched nine weeks ago, is to close on Friday, as it reported a fall in revenue in the first months of 2016.
The newspaper group said the title will be closed on Friday due to circulation coming in below its expectations, confirming media reports from Wednesday evening which had speculated the paper would be closing later this week.
Trinity Mirror said that "whilst disappointing, the launch and subsequent closure have provided new insights into enhancing our newspapers and a number of these opportunities will be considered over time".
Trinity Mirror also provided an update on trading, and said its revenue for the 18 weeks to May 1 was down 8.6% when compared to the 18 weeks to May 3, 2015. Trinity Mirror said in the first quarter to March 31, revenue fell 9.3%, but noted that this improved slightly in April, with the decline 6.4%.
Trinity Mirror said within this, publishing revenue fell 8.5% in the period to May 1, with print declining 11%, but digital growing 16%. Publishing print advertising revenues fell by 19.0% and circulation revenues fell by 4.5%, the company added.
Trinity Mirror noted it launched Dublin Live and Glasgow Live in April, which provides rolling news, weather, traffic and local event listing. The company also said it has launched a new mobile app called Perspecs, which allows users to see three sides to a differing views to a news story.
Trinity Mirror said it continues to see volatility in the market, but said it anticipates its full year results to be in line with market expectations.
Shares in Trinity Mirror were up 8.9% at 123.00 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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