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Trading statements

Trinity Mirror's revenue falls 16% in Jan-April period

04 May 2017 09:41

Trinity Mirror said group revenue fell 16% over the period Jan. 2 to April 30, with its trading environment, as expected, remaining challenging for print advertising.

"We continue to make progress against our strategy and at this stage, the Board anticipates performance for the year to be in line with market expectations," the company said.

Trinity Mirror said, on a like-for-like basis, group revenue fell 9%, which was in line with the trends experienced in the first two months of the year.

Within this, the company said publishing revenue fell 9% on a like-for-like basis, with print declining 12% and digital growing 6%. Publishing print advertising revenues fell 19% and circulation revenues fell 6%.

"We continue to grow our digital audience with digital display and transactional revenue growing by 19%. Digital classified advertising, which is predominantly upsold from print, remains challenging and fell by 24%," said Trinity Mirror in statement for its AGM today.

Since August 2016, Trinity Mirror has acquired 5.6m shares for £5.8m and has paid £7.5m to the pension schemes relating to the share buyback programme.

CEO Simon Fox said whilst the trading environment for print remained challenging the company continued to make progress on its strategic objectives of Grow, Build and Protect.

"I am particularly pleased that we continue to see good growth in digital display and transactional revenue and tightly manage costs which gives confidence in our performance for the year."

At 9:41am: (LON:TNI) Trinity Mirror PLC share price was -1.37p at 111.88p

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