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Interim Results

Trinity Mirror reports resilient performance

31 July 2017 08:02

Trinity Mirror reported a resilient performance despite difficult trading environment, with one week less trading versus 2016.

Strong management of the cost base limited the decline in adjusted operating profit to 9.4% or £6.5 million despite revenue falling by 14.6% or £54.7 million.

Adjusted operating margin increased by 1.2 percentage points to 19.6%. Like for like revenue fell by 9.3% or £32.9 million.

Like for like publishing digital revenue grew by 5.9% to £41.4 million with digital display and transactional revenue growing by 18%. This was partially offset by digital classified revenue falling by 23.9%.

We delivered structural cost savings of £10 million in the period. These were ahead of target and we have increased our structural cost savings target for the year to £20 million, £5 million ahead of the £15 million target.

The IAS19 pension deficit fell by £59.2 million to £406.8 million (£336.1 million net of deferred tax). The Group paid £20.6 million into the defined benefit pension schemes in the period.

Adjusted EBITDA of £72.9 million and reduction in net debt of £8.1 million to £22.4 million. The Group continued to have financial flexibility and during the period made the final payment of £68.3 million on the private placement loan notes utilising cash and a £30 million drawing on the £110 million bank facility.

We remain committed to our progressive dividend policy and the Board expects dividends to increase by at least 5% per annum. The interim dividend has been increased by 7.1% from 2.1p to 2.25p per share.

The Group acquired 4.2 million shares for £4.6 million during the period under the £10 million share buyback programme announced in August 2016 bringing the total amount purchased to 6.7 million shares for £6.9 million.

As previously announced, the provision for dealing with historical legal issues was increased by £7.5 million.

We continue to make progress with our strategy of growing digital display and transactional revenue whilst at the same time tightly managing our cost base to support profits and cash flow.

Although the trading environment remains challenging, at this stage, the Board expects full year adjusted results to be in line with expectations.

At 8:02am: (LON:TNI) Trinity Mirror PLC share price was -0.25p at 105p

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