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Trading statements

Trinity Mirror up despite New Day closure

05 May 2016 11:28

Trinity Mirror (TNI) has closed its daily newspaper The New Day nine weeks after it was launched after selling only 40,000 copies a day.

The company aimed to sell 200,000 copies a day, but failed to generate enough readers, and the last edition will now be published on 6 May.

Despite the closure of New Day and underwhelming results, Trinity Mirror shares were up 7% to 121p.

Group revenue slumped on a like for like basis from 28 December 2015 to 1 May 2016 by 8.6% with a 9.3% decline for the first quarter, reflecting a slowing decline of 6.4% in April.

Publishing revenue fell by 8.5% with print declining 10.9%, while advertising revenues for publications sunk by nearly a fifth and circulation revenue fell by 4.5%.

However, average monthly page views, excluding galleries, across the publishing sites grew by 22% to 755 million on a like for like basis.

Net debt was down by GBP29m from GBP93m to GBP64m.

At 11:28am: (LON:TNI) Trinity Mirror PLC share price was +7.88p at 120.88p

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