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Trinity Mirror publishes Interim Management Statement

Trinity Mirror plc is today issuing an Interim Management Statement covering the 17 weeks of trading to 26 October 2014 and describing the Group’s financial position and performance.

According to Trinity Mirror:

Key Highlights

• While growth in Publishing digital revenue remains strong, print revenue trends have slowed resulting in a 5% decline in Group revenue over the period, compared to a 2% decline in the first half.

• Publishing digital revenue grew by 44% in the period with growth of 100% in average monthly unique users to over 85 million and growth of 93% in average monthly page views to over 575 million.

• Strong operating cash flows coupled with the benefit of dividends from the PA Group and Local World totalling £16 million enabling net debt on a contracted basis to fall by £32 million during the period to £24 million.

• The Board anticipates the reinstatement of dividends for this year with a final dividend for 2014 of 3 pence in line with previous guidance.

• Profit for 2014 is expected to be in line with our previous expectations.

Outlook

As previously highlighted, we continue to experience month on month volatility in print revenues, in particular within national advertising revenues where trends have deteriorated relative to the first half. We expect this trend to continue for the remainder of the year.

Continued momentum on our strategic initiatives coupled with ongoing cost mitigation and an increase in structural costs savings to at least £12 million provides the Board with confidence that profit for 2014 is expected to be in line with our previous expectations.

Commenting on the trading for the period, Simon Fox, Chief Executive, Trinity Mirror plc, said: "I am pleased with the strategic progress we are making in building the scale and reach of our digital brands.

At the end of September our group digital audience exceeded 90 million monthly unique users with continued strong growth in digital revenue. Despite the recent deterioration in national press advertising trends I remain confident that our strategic initiatives will ultimately deliver sustainable growth in revenues and profits."

Click here to read the full Interim Management Statement.