Media group beats forecast

Feb 27 2009 by Iain Laing, The Journal

TRINITY Mirror, which owns The Journal, has delivered forecast-beating financial results for 2008.

Although the UK’s biggest newspaper group, which owns titles including the Mirror, saw revenues from retained businesses decline from £932.3m in 2007 to £871.7m last year, it has continued to outperform rivals in a difficult market.

It said that despite a sector-wide advertising slump, the resilient circulation of its newspapers and target-beating cost cutting had made results better than forecast and pre-tax profits of £124.4m.

Chief executive Sly Bailey said: “Trinity Mirror has performed creditably in very difficult trading conditions. While advertising revenues were under extreme pressure, we delivered full-year results ahead of market forecasts. In spite of the downturn, I am a firm believer that careful management of strong print and online brands will enable us to navigate our way through the challenging market conditions as we make the transition to a new lower-cost multi-platform business model.”

Digital revenue rose 25% to £38m. Trinity said that despite cutting £30m last year and plans to cut £25m in 2009, it was also investing.