Cost controls leads Trinity Mirror to report small uptick in profits
Group revenue falls 4.1 percent, but was offset by structural cost savings of £15 million
The publisher Trinity Mirror today reported a small increase in net income, despite continue declines in print advertising. Group revenue fell 4.1 percent overall, despite digital advertising growing almost 50 percent. But cost cutting let to the company reporting £15 million in fewer expenses, leading to adjusted earnings per share growth of 2.5 percent to 32.8 pence.
“We continue to invest across the Group in people and technology and this is delivering significant growth in digital audience and revenue,” Simon Fox, Chief Executive, Trinity Mirror plc, said. “Whilst print has remained challenging, our continued focus on efficiency and cost management has resulted in another year of profit growth and strong cash flow which has enabled us to significantly reduce net debt and propose a final dividend for 2014, the first since 2008.”
Trinity Mirror is the UK’s largest newspaper group, with 240 regional titles, as well as the national Daily Mirror and Sunday Mirror, and the Sunday Mail and Daily Record in Scotland.