LONDON (Brand Republic) – Shares in Trinity Mirror slid just 2.5% in early trading as the UK’s largest local and national newspaper owner reported second-half results in line with expectations and forecast that it was on course for a “satisfactory performance in 2001”.
The company said regional newspaper advertising revenues rose 4.2% across the group, excluding Southnews and the Belfast Telegraph Group. Its five national newspapers saw revenues grow by 0.6% for the second half of the year, following growth of 5.0% in the first six months.
Circulation revenues for The Mirror, Sunday Mirror and Sunday People declined by 1.1%. But Scottish titles Sunday Mail and Daily Record increased their share of the Scottish tabloid market marginally.
The company’s acquisition of Southnews, publisher of Kensington & Chelsea Times, in November is expected to help offset rising newsprint costs along with cost-cutting activities the group has undertaken.
In July, it was given the go ahead to sell the Belfast Telegraph Group to Tony O’Reilly’s Independent News & Media for £300m as a condition of its merger with Trinity Mirror.
The company’s ISP IC24 recorded more that 790,000 subscribers by the year ending December 31, with more than 250,000 active users in the previous 30 days.
Shares in the company were trading at 444p in early trading, down from yesterday’s close of 455p.