Trinity Mirror said that during 2002, cost-cutting measures and initiatives to drive revenues resulted in a substantial reduction in losses from its target of £10m to £7.6m.
The losses included £2.2m investment in , its internet classified advertising joint venture with fellow newspaper publishers. This compares with £3.2m invested in 2001. Trinity Mirror said Fish 4 made significant progress during the year with expectations for further reductions in funding for the future.
The news came as Trinity Mirror reported a small rise in pre-tax profits to £155.5m. The company reported operating profit before exceptionals of £190.6m, marginally ahead of 2001's £189.9m, despite a £32.8m, or 2.9%, decline in revenues.
, The Racing Post's website, achieved breakeven operating profit during the year, following cost control and a revenue increase of £600,000 from online betting. This represents a significant improvement from losses of £600,0000. RacingPost and had average monthly page impressions of 19.8m and 5.4m respectively during the year.
Voice Media, Trinity Mirror's interactive telephone response services, saw revenues fall by 48.3% to £6.4m compared with £12.4m last year, following the loss of a major contract in 2001 coupled with disappointing results in the second half of the year.
Last year, Trinity Mirror hired Carol Dukes, founder and former chief executive of Think Natural, as director of business development to help it explore its digital ventures.
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