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Interim Results

Trinity Mirror hikes H1 pretax profit

01 August 2016 07:47

Trinity Mirror has hiked its statutory H1 pretax profit to £45.2m, from £12.1m, with revenue as £374.7m, from £288.5m. An interim dividend of 2.1p a share was recommended, from 2.0p.

"Our strategic focus remains to grow digital audience and revenue whilst protecting print revenue and profit," the company said in a statement.

"Despite the challenging print environment and increased macroeconomic uncertainty arising from the outcome of the UK's referendum on EU membership, the Board remains confident that its strategy will enable continued progress and help support the Group's profit and cash flow."

The IAS19 pension deficit increased by £120.8 million to £426.0 million (£349.5 million net of deferred tax) driven by a fall in long term interest rates.

Alongside the share buyback, the Board has agreed to contribute a minimum of £5m or up to a maximum of 75% of the share buyback as additional funding to the defined benefit pension schemes.

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