Trinity Mirror PLC
9 May 2002
9th May 2002
AGM Statement
The following statement, provided to shareholders by the Chairman of Trinity
Mirror plc, Sir Victor Blank, at today's Annual General Meeting, is released to
the UK Listing Authority:
'During the first four months of 2002, the Group has continued to make
significant progress in the implementation of the strategies for its key
businesses. The 'from Biggest to Best' strategy within the regional newspaper
division continues to deliver ahead of our expectations and further
opportunities for improved performance have been identified. The strategic
development of our national newspaper portfolio is less advanced. The
implementation of the Daily Record's strategy commenced at the beginning of the
year and the relaunch of The Mirror brand kicked off in mid April. Although at
an early stage of development, the feedback relating to the national titles is
positive.
Circulation revenue has continued to provide an underlying stable base for the
Group against a background of an advertising market that, for the first four
months of this year, has remained tough. Within the regional businesses there
appears to be an improving trend in advertising performance, with total
advertising revenue down, year on year, by 2.8% in the first four months (and
recruitment advertising down by 5.2%). There is, however, a clear difference
between the South East and London and elsewhere in the UK in regional newspaper
advertising growth trends, with total advertising revenue in the South falling
by 13.3% (and recruitment advertising down 23.8%) and the remainder of the
regional newspaper operations achieving growth of 1.5% (with recruitment
advertising revenues growing by 3.2%). Display advertising within the Group's
national newspapers has continued to be extremely volatile and weak throughout
this period, with a resulting decline in advertising revenue for the business of
12.7%.
At this stage, the directors believe it is prudent to plan on the current
advertising conditions remaining throughout most of the year. However, given
our trading performance to date, the Board continues to have confidence in the
financial outcome for the year.'
Enquiries: Philip Graf/Margaret Ewing, Trinity Mirror 020 7293 3000
Rupert Younger, Finsbury 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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