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Trading statements

Trinity Mirror full year performance ahead of expectations

16 December 2016 11:13

Newspaper publisher Trinity Mirror said guidance for full year performance was marginally ahead of expectations.

It also had a better than anticipated net debt position of £35m.

Trinity Mirror said it continued to make good progress against its strategic initiatives while supporting profits and delivering strong cash flows.

The company reported that revenue on a like-for-like basis is expected to fall by below 8% in the fourth quarter compared to a decline of 9% in the third quarter and a decline of 8% in the first half.

It also said publishing revenue is expected to fall by 8% in the final quarter with print declining by 10% and digital growing by 8%.

Print advertising and circulation revenue is expected to fall by 17% and 5% respectively.

Classified digital revenues continued to remain under pressure but there are expectations to deliver strong growth in digital display and transactional revenue of 18%.

The group acquired 2.5 million shares for £2.3m under a £10m share repurchase programme announced in August.

Trinity Mirror disposed of its office building in Cardiff, which was partially occupied by its business, Media Wales, for net proceeds of £7.8m.

The firm made good progress on settling civil claims arising from phone hacking with damages for over 80% of claims settled.

However, to maintain momentum in bringing the process to a conclusion it is clear that costs, in particular the claimants' legal costs, will be higher and this caused the company to increase the provision for dealing with these historic matters by £11.5m.

Including this increase the provision remaining at the end of this year is expected to be around £22m.

Although uncertainty remains as to how these matters will progress the board said it is confident the exposures arising from these historic events are manageable and do not undermine the delivery of the group's strategy.

At 11:13am: (LON:TNI) Trinity Mirror PLC share price was +3.75p at 87.75p

Story provided by StockMarketWire.com

Related Company: TNI

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