The company is in the middle of disposing of the Racing Post and its Midlands and South East regional newspapers in an attempt to concentrate on its national titles and its regional titles in Wales, the North East, the North West and Scotland.
In a statement, it said: "We are confident that the reorganisation we have started following the business review, the strength of our portfolio and our growing success at building and acquiring digital assets will all contribute to growth once the cyclical advertising downturn comes to an end."
Trinity Mirror launched 240 websites and six new newspaper titles during 2006.
Sly Bailey, chief executive of Trinity Mirror, said: "We have reduced costs significantly in response to the industry-wide decline in advertising volumes with the result that we have limited the inevitable impact on our profitability.
The publisher achieved cost savings of £20m during 2006 compared with its target of £15m.
Bailey said: "Although the current environment remains challenging and volatile we continue to expect advertising market conditions to stabilise during the year with the rate of decline slowing."
Despite the fall in profits, the company maintained its dividend at 15.5p a share.
Its share price rose 3.77% this morning to 509p compared with a 0.81% rise in the FTSE 250 index.
.jpg)
.jpg)