Half-yearly Report

RNS Number : 5378M

Trinity Mirror PLC

31 July 2017

Trinity Mirror plc 31 July 2017

Half-Yearly Financial Report

For the 26 weeks ended 2 July 2017

Results	Adjusted results ⁽¹⁾		Statutory results
	2017	2016	2017	2016
	26 Weeks £m	27 Weeks £m	26 Weeks £m	27 Weeks £m
Revenue	320.0	374.7	320.0	374.7
Operating profit	62.6	69.1	47.3	53.6
Profit before tax	61.3	66.9	38.2	45.2
Earnings per share	17.9p	19.1p	10.6p	12.8p
Dividends per share	-	-	2.25p	2.10p

Financial Highlights

· 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⁽²⁾ revenue fell by 9.3% or £32.9 million.

· Continued growth in digital revenue

Like for like publishing digital revenue grew by 5.9% to £41.4 million with digital display and transactional revenue growing by 18.0%. This was partially offset by digital classified revenue falling by 23.9%.

· Structural cost savings target increased to £20 million

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.

· Decline in pension deficit by £59.2 million

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.

· Net debt reduced to £22.4 million and continued financial flexibility

Adjusted EBITDA⁽³⁾ of £72.9 million and reduction in net debt⁽⁴⁾ of £8.1 million to £22.4 million. The Group continues 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.

· Interim dividend up 7.1% to 2.25 pence per share

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 2.10 pence to 2.25 pence per share.

· Share buyback progressing

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.

· Historical legal issues

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

· Strategy and outlook

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.

Commenting on the interim results for 2017, Simon Fox, Chief Executive, Trinity Mirror plc, said:

"Whilst the trading environment for print in the first half was volatile, we remain on course to meet expectations for the year. I continue to anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year."

Strategic Highlights

· Grow

- Average monthly page views grew by 9.4% to almost 680 million with two thirds of these now on mobile

- With 32.6 million unique UK browsers in June 2017 Trinity Mirror had more monthly unique browsers in the UK than any other commercial news brand

- We delivered over 300 million video streams in the period, up 38% year on year

· Build

- football.london was launched in January 2017 and achieved 1.8 million monthly browsers and 5.5 million page views in June 2017

- Belfast Live, Dublin Live and Glasgow Live delivered 4.2 monthly browsers and 14.0 million page views in June 2017 up on the 3.0 million monthly browsers and 8.7 million page views in December 2016

- Insider.co.uk and InYourArea.co.uk launched in the period and we anticipate good traction on audience during the second half

· Protect

- Structural cost savings (including synergy savings from the integration of Local World) of £10 million

- Secured a five year print and distribution contract for the Guardian and Observer newspapers

- Renewed a five year print and distribution contract for the Racing Post

- Sports Media secured match day programme and tournament magazine publishing contract for FIFA 2018

· Consolidate

- We continue to evaluate a number of ongoing opportunities that drive value and see ourselves as a consolidator in the newspaper industry

Our progress on delivering the strategy is measured through five KPIs. In the period we achieved three out of the five KPI targets and anticipate further progress in the second half. Further details are on page 7.

Board Changes

The Company's Chairman, David Grigson, has indicated his intention to step down from the Board of Directors during the next calendar year, by which time he will have completed two three-year terms in office. Helen Stevenson, Senior Independent Director, will lead an orderly succession process, with the support of external consultants Egon Zehnder.

Notes

(1) On an adjusted basis excluding non-recurring items, restructuring charges in respect of cost reduction measures, the amortisation of intangible assets, the pension administrative expenses, the retranslation of foreign currency borrowings, the impact of fair value changes on derivative financial instruments, the pension finance charge and the impact of tax legislation changes. Set out in note 16 is the reconciliation between the statutory results and the adjusted results.

(2) The like for like revenue trends for 2017 exclude from the 2016 comparative: the extra week of trading in 2016, the Independent print and distribution contract which ceased in April 2016, Rippleffect which was sold in August 2016 and the four Metros handed back to DMGT and other portfolio changes. Set out in note 17 is the reconciliation between 2016 reported revenue and the 2016 like for like revenue.

(3) Adjusted operating profit (£62.6 million) plus depreciation (£10.3 million).

(4) On a contracted basis assuming at 1 January 2017 that the private placement loan notes and related cross-currency interest rate swaps were not terminated prior to maturity.

Enquiries

Trinity Mirror Brunswick
020 7293 3553 020 7404 5959

Simon Fox, Chief Executive Nick Cosgrove, Partner
Vijay Vaghela, Group Finance Director Will Medvei, Director

Investor presentation

A presentation for analysts will be held at 9.30am on Monday 31 July 2017. The presentation will be live on our website: www.trinitymirror.com at 9.30am and a playback will be available from 2.00pm.

Statutory and adjusted basis

In the Management Report, performance is stated on an adjusted basis to provide a more meaningful comparison of the Group's trading performance. The adjusted results aim to demonstrate the performance of the Group without the volatility created by non-recurring items, restructuring charges in respect of cost reduction measures and accounting items such as the amortisation of intangible assets, the pension administrative expenses, the retranslation of foreign currency borrowings, the impact of fair value changes on derivative financial instruments, the pension finance charge and the impact of tax legislation changes. Set out in note 16 is the reconciliation between the statutory results and the adjusted results.

Like for like revenue trend

Revenue trends are distorted by a number of items in 2016. The like for like revenue trends for 2017 exclude from the 2016 comparative: the extra week of trading in 2016, the Independent print and distribution contract which ceased in April 2016, Rippleffect which was sold in August 2016, the four Metros handed back to DMGT and other portfolio changes. Set out in note 17 is the reconciliation between the 2016 reported revenue and the 2016 like for like revenue.

Forward looking statements

Statements contained in this Half-Yearly Financial Report are based on the knowledge and information available to the Company's directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Company in this Half-Yearly Financial Report involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Half-Yearly Financial Report contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Company undertakes no obligation to update these forward-looking statements.

Management Report

Operational Performance

The Group delivered a resilient performance in the first half of 2017 despite the difficult trading environment which saw pressure on revenues, particularly print display advertising and both print and digital classified advertising. We continue to deliver good growth in our digital audience and the associated display and transactional revenue.

Like for like Publishing revenue fell by 9.8% to £296.4 million. Publishing print revenue fell by 11.9% to £255.0 million and we continued to achieve growth in digital revenue of 5.9% to £41.4 million with digital display and transactional revenue growing by 18.0% partially offset by digital classified revenue falling by 23.9%.

Good cost control limited the fall in Group adjusted operating profit to 9.4% or £6.5 million to £62.6 million and the Group delivered adjusted EBITDA of £72.9 million (2016: £80.4 million). The Group delivered structural cost savings (including an incremental £5 million of synergy savings from the integration of Local World) of £10 million.

Adjusted profit before tax fell by 8.4% to £61.3 million and adjusted earnings per share fell by 6.3% to 17.9 pence reflecting the impact of the falling revenues partially offset by tight cost management.

Statutory operating profit fell by £6.3 million, profit before tax fell by £7.0 million and earnings per share fell by 2.2 pence. Non-recurring items were a charge of £7.3 million (2016: £4.0 million) and restructuring charges in respect of cost reduction measures were £6.4 million (2016: £10.1 million).

The trading environment, particularly for our regional titles, has been very challenging during the period and it became clear that our regional organisational structure was not driving the optimum commercial focus. Therefore we initiated a restructure of the senior regional commercial management team to ensure that their full focus is on maximising advertising revenue from each local market. The objectives of the changes are to bring more clarity and accountability to roles, to speed up decision making and to improve our commercial performance.

Financial Flexibility

The cash flows generated by the Group provide resilience and financial flexibility to invest in the business, to grow dividends and over time meet pension obligations despite the uncertain economic environment.

Reduction in contracted net debt of £8.1 million is lower than the reduction of £44.9 million in the first half of 2016 due to the share buyback and associated additional payment to the pension schemes, higher payments in relation to phone hacking and broadly flat working capital movements, whereas 2016 benefited from the extra week of trading and the timing of the period end.

During the period, the Group repaid the final £68.3 million of the private placement loan notes utilising cash and drawing £30 million on the £110 million bank facility. The bank facility is committed until 2021 and the facility size amortises over the term reducing to £50 million for the last year of the term. Following the repayment of the private placement loan notes net debt is the same on both a contracted and statutory basis.

Net debt of £22.4 million at the period end comprised the £30.0 million drawn on the bank facility and cash balances of £7.6 million.

Historical Legal Issues

We have continued to make progress on the settlement of civil claims in relation to phone hacking with damages for over 80% of claims settled. However, the lengthy process of settling claims and the structure and quantum of legal fees for the claimants has required the provision for settling these matters to be increased by £7.5 million in the period. The provision at the end of the period was £15.4 million.

Although there remains uncertainty as to how these matters will progress, the Board remains confident that the exposures arising from these historical events are manageable and do not undermine the delivery of the Group's strategy.

Pension Schemes

The accounting pension deficit fell by £59.2 million to £406.8 million (£336.1 million net of deferred tax) driven by strong asset returns and the benefit of a decrease in future mortality assumptions more than offsetting a further reduction in the discount rate.

The fall in the accounting pension deficit does not have an immediate impact on the agreed funding commitments. The triennial valuation date of the schemes is 31 December 2016 and the valuations, which are currently in progress, are required to be completed by March 2018.

Dividends and Share Buyback

The final dividend for 2016 of 3.35 pence per share was paid in June 2017. The Board has approved an interim dividend for 2017 of 2.25 pence per share, representing an increase of 7.1% on the 2016 interim dividend. This will be paid on 29 September 2017 to shareholders on the register on 8 September 2017. This is in line with the progressive dividend policy which is aligned to the free cash generation of the business with the Board expecting to increase dividends by at least 5% per annum.

The Group acquired a further 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. Alongside the share buyback, the Board agreed to contribute a minimum of £5 million or up to a maximum of 75% of the share buyback as additional funding to the defined benefit pension schemes. The Group paid £5.0 million in 2016 and paid the remaining £2.5 million in the period.

Current Trading and Outlook

In July, Group revenue is expected to fall by 8% on a like for like basis and represents an improvement on the 9% decline in the first half.

Structural cost savings for the year are expected to be some £20 million, which is £5 million ahead of our initial £15 million target, while restructuring charges are expected to be £15 million, £5 million ahead of our initial £10 million guidance.

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.

Strategic Update

We refreshed our strategy at the beginning of the year and adopted new financial KPIs to ensure even closer alignment between our strategic initiatives and their financial outcomes.

Our vision is "to be an essential part of people's daily lives by delivering quality content and services that inform, enlighten and enrich". To deliver this vision it is clear that quality content is and will remain at the heart of our business.

Our strategic objective remains to deliver sustainable growth in revenue, profit and cash flow over the medium term.

This will be delivered through four key areas of strategic focus:

· Grow: Grow digital audience and revenue through deepening relationships with readers and optimising response for advertisers;

· Build: Build a diversified product portfolio and sustainable mix of new revenue;

· Protect: Protect our print brands by efficiently delivering quality products; and

· Consolidate: Seek out strategic opportunities that drive value.

Growth from digital and new revenue streams will begin to outstrip print declines on an aggregate basis, leading to a stabilisation of Group revenue and then a return to top line growth. This, combined with our inbuilt and relentless focus on efficiencies, makes the Board confident that the delivery of sustainable growth in revenue, profit and cash flow is achievable in the future, for the benefit of all stakeholders.

Key highlights of progress on each area of strategic focus during the first half of 2017 are set out below:

Grow

Publishing digital display and transactional revenue, which is primarily driven by audience, grew on a like for like basis by 18.0% to £32.8 million, benefitting from the higher page views and an increase in higher yielding revenues categories such as video. Video streams in the period were over 300 million, up 38% year on year. Digital classified revenue which is predominantly upsold from print fell on a like for like basis by 23.9% with the largest category, recruitment, falling by 33.3%.

Digital audience growth continues with average monthly page views in the period growing by 9.4% year on year to almost 680 million. Mobile page views were some two thirds of the page views and grew by 22% while desktop pages views fell by 13%. Three quarters of page views were UK page views which grew by 11% while non UK page views grew by 4%. Page view growth rates have been adversely impacted by the removal of Streamo and Live Event page views as this functionality reduced the viewability of ads served due to the speed at which the pages were viewed by users. It is estimated to have impacted the growth rate by over 10%.

Strategic Update continued

Grow continued

We are simplifying our digital portfolio to focus on brands which can deliver scale and significant daily local audience reach in their market places.

We continue to migrate the former Local World digital brands onto our Escenic content publishing platform and onto our fully responsive new Chameleon site. In the period, the Cambridge News, the Bristol Post, the Bath Chronicle, Gloucestershire Live, Somerset Live, the Hull Daily Mail, the Grimsby Telegraph, the Scunthorpe Telegraph and Lincolnshire Live have all moved and are benefiting from the new look design, cleaner template and more powerful digital storytelling tools. The new sites provide greater emphasis on video, and a much improved live blogging system. The roll out to all sites is expected to be completed by the end of September 2017.

We have established a national direct digital sales team, working with direct clients both existing and new, across our entire national and regional digital portfolio. With initial categories including Education, Travel and Professional Services, we will offer the opportunity to utilise our digital scale and develop audience marketing solutions.

Build

We continue to explore new product ideas to leverage our portfolio of print and digital brands whilst seeking to diversify the revenue streams beyond advertising.

The three "Live" sites (Belfast, Glasgow and Dublin) delivered 4.2 million monthly browsers and 14.0 million page views in June 2017, up on the 3.0 million monthly browsers and 8.7 million page views in December 2016. The 'Live' sites are a digital one-stop shop for all things relating to the city featuring live breaking news, local sport, entertainment, events, local interest, traffic and travel and What's On.

"InYourArea" sites are being trialled for very local content. InYourArea is a hyperlocal news, information and local community product that aggregates in realtime the latest hyperlocal news, events, crime data, local issues, council updates, social media content and more, all using a postcode.

We launched Insider.co.uk, a dynamic daily business news site, which operates alongside the market leading Business Insider magazine. The Insider team will provide Scottish businesses with a rich mix of live breaking city news, expert analysis and original economic data.

We launched football.london in January 2017 which is a 24/7, fan-led, standalone digital site covering London football clubs with a focus on issues fans really care about, behind-the-scene, podcasts, interactive quizzes and games. The site has positive advocates on social media as a result of developing a particular tone of voice and authority. The site achieved 1.8 million monthly browsers and 5.5 million page views in June 2017.

The Group acquired a 50% stake in Brand Events in October 2016. Brand Events is one of the UK's leading creators and operators of consumer event formats. The focus of the joint venture is to expand and create events in three main sectors: Sports, Crafts and Food. The target audience of the events are in line with our core audience and we are able to leverage our in-house marketing expertise across print and digital to help promote events and our regional footprint allows the efficient marketing of a roll-out of existing shows. Events will be centred on the main metropolitan cities which complements our regional and Scottish portfolios. Since the investment, Brand Events has launched three new events, bringing the total to five in 2017.

Protect

Protecting our print brands through understanding our print readers and delivering a quality product, whilst leveraging our brands, communities and advertisers to maximise our financial performance remains a key area of strategic focus.

Print markets remained challenging particularly advertising with display and other declining on a like for like basis by 17.9% and classified declining on a like for like basis by 23.5%. Circulation, the largest revenue category, performed better falling on a like for like basis by 6.3% with cover price increases reducing the impact of volume declines.

Our national and regional newspapers showed the power of the brands in reporting on the election and other events on the national and regional stage in the period.

In light of the challenging trading conditions across the Regionals business, a number of changes to the commercial management structure have been made. The objectives of the changes are to bring more clarity and accountability to roles, to speed up decision making and to improve our commercial performance.

Strategic Update continued

Protect continued

We have also reorganised the senior editorial teams and further reorganised the regional newsrooms across the UK. The restructure followed a review of growth opportunities in each of the markets we operate, and a review of our editorial print production practices. The review has identified opportunities for greater investment, particularly around digital and content creation, as we look to increase engagement and connect with digital audiences on a larger scale. The review of editorial print production has identified examples of best practice that is becoming standardised across the regions.

We continue to rationalise the portfolio and have announced the closure of a small number of regional titles.

Sport Media continues to consolidate its position as the UK's leading sports publishing business working with the best in the Premier League and World football, from clubs to international organisations and some of the top individuals in sport. It has recently been awarded the 2018 FIFA World Cup matchday programme and tournament magazine contract and this builds on the Rugby World Cup matchday programme in 2015. After a busy end to the football season which culminated in Sport Media helping Tottenham Hotspur deliver a hugely successful souvenir programme and record-breaking sales operation for the historic last game at White Hart Lane, and a special Champions book for Chelsea FC, Sport Media are currently focusing on a summer football calendar growth strategy.

The Group delivered structural cost savings (including synergy savings from the integration of Local World) of £10 million. Restructuring charges in respect of cost reduction measures were £6.4 million. For the full year, we expect £20 million of structural cost savings (including synergy savings from the integration of Local World), £5 million ahead of the target for the year and £15 million of restructuring charges in respect of cost reduction measures.

During the period, the Group secured a five year print and distribution contract for the Guardian and Observer newspapers from early 2018 and renewed a five year print and distribution contract for the Racing Post.

Consolidate

We continue to seek out strategic opportunities that drive value. We will continue to exercise rigorous discipline in considering any acquisition opportunities that enhance our strategy or brings new diversified revenue streams. We see ourselves as a consolidator in the newspaper industry and will continue to do so subject to tight financial returns.

Key Performance Indicators

To track delivery of our strategy, the following KPIs are reported on at each reporting date:

FINANCIAL MEASURE	GROUP KPIs	PERFORMANCE IN THE PERIOD
Publishing digital revenue growth	At least 15% pa	û
Circulation revenue	Single digit declines	ü
Print advertising revenue	At least in line with national market trends	û
Operating margin	Grow operating margin to support profits	ü
Dividend growth	At least 5% pa	ü

Publishing digital revenue like for like growth of 5.9% for the period is below the KPI due to the material decline of 23.9% in classified advertising revenue with the audience related display and transactional revenue continuing to grow strongly by 18.0%.

Circulation revenue like for like decline of 6.3% is in line with the target with cover price increases partially mitigating volume declines.

Print advertising revenue is being impacted by volume declines which have been worse than the national market trends due to the strong performance during June 2016 from the European Football Championship related activity, particularly for the Daily Mirror, and a marked increase in travel advertising which benefited competitors more than our titles.

Continued focus on costs has resulted in adjusted operating margin increasing by 1.2 percentage points from 18.4% to 19.6%.

The interim dividend of 2.25 pence per share is an increase of 7.1% on the 2016 interim dividend.

We anticipate an improvement in performance against the KPIs in the second half as we benefit from a number of initiatives started in the first half.

Group Review

Income statement	Statutory results		Adjusted results
	2017	2016	2017	2016
	£m	£m	£m	£m
Revenue
Publishing	296.4	345.5	296.4	345.5
Print	255.0	305.8	255.0	305.8
Digital	41.4	39.7	41.4	39.7
Printing	16.9	19.5	16.9	19.5
Specialist Digital	4.8	7.7	4.8	7.7
Central	1.9	2.0	1.9	2.0
Revenue	320.0	374.7	320.0	374.7
Costs	(273.0)	(321.3)	(257.9)	(306.0)
Associates	0.3	0.2	0.5	0.4
Operating profit	47.3	53.6	62.6	69.1
Financing	(9.1)	(8.4)	(1.3)	(2.2)
Profit before tax	38.2	45.2	61.3	66.9
Tax	(9.1)	(9.2)	(12.0)	(13.5)
Profit after tax	29.1	36.0	49.3	53.4
Earnings per share	10.6p	12.8p	17.9p	19.1p

The results have been prepared for the 26 weeks ended 2 July 2017 (2017) and the comparative period is for the 27 weeks ended 3 July 2016 (2016). The results are presented on a statutory and adjusted basis to provide a more meaningful comparison of the Group's performance. Set out in note 16 is the reconciliation between the statutory results and the adjusted results.

Group revenue fell by 14.6% or £54.7 million to £320.0 million. The fall in revenue includes the impact of an additional week of trading in the first half of 2016, the cessation of the Independent print and distribution contract in April 2016, the sale of Rippleffect in August 2016 and the impact of handing back four Metros to DMGT and other portfolio changes. On a like for like basis, Group revenue fell by 9.3% or £32.9 million. Further details on the revenue trends for each division are shown in the Divisional Review. Set out in note 17 is the reconciliation between the 2016 reported revenue and the 2016 like for like revenue.

	Statutory results		Adjusted results
	2017	2016	2017	2016
	£m	£m	£m	£m
Labour	(111.4)	(125.7)	(111.4)	(125.7)
Newsprint	(30.8)	(35.6)	(30.8)	(35.6)
Depreciation	(10.3)	(11.3)	(10.3)	(11.3)
Other	(120.5)	(148.7)	(105.4)	(133.4)
Non-recurring items	(7.3)	(4.0)	-	-
Amortisation of intangible assets	(0.2)	(0.2)	-	-
Pension administrative expenses	(1.2)	(1.0)	-	-
Restructuring charges in respect of cost reduction measures	(6.4)	(10.1)	-	-
Other	(105.4)	(133.4)	(105.4)	(133.4)
Costs	(273.0)	(321.3)	(257.9)	(306.0)

Statutory costs fell by £48.3 million or 15.0% to £273.0 million reflecting reduced adjusted operating costs and the benefit of lower restructuring costs in the period compared to the first half in 2016 which helped offset the more challenging advertising markets and higher non-recurring items in the period compared to the first half of 2016. Non-recurring items comprise the £7.5 million increase in the provision for dealing with and resolving civil claims arising from phone hacking partially offset by a £0.2 million gain on the sale of a property.

Adjusted operating costs fell by £48.1 million or 15.7% to £257.9 million reflecting the benefit of the impact of an additional week of trading in the first half of 2016, the cessation of the Independent print and distribution contract in April 2016, the sale of Rippleffect in August 2016 and the impact of handing back four Metros to DMGT and other portfolio changes together with reduced costs from structural cost savings and ongoing cost mitigation.

Group Review continued

	Statutory results		Adjusted results
	2017	2016	2017	2016
	£m	£m	£m	£m
Operating profit pre associates	47.0	53.4	62.1	68.7
Associates	0.3	0.2	0.5	0.4
Operating profit	47.3	53.6	62.6	69.1

Statutory operating profit pre associates fell by £6.4 million or 12.0% to £47.0 million while adjusted operating profit pre associates fell by £6.6 million or 9.6% to £62.1 million.

The Group has a 21.53% investment in PA Group and a 50% investment in Brand Events, accounted for as associated undertakings. The statutory and adjusted share of results from associates increased by £0.1 million to £0.3 million and £0.5 million respectively.

The statutory operating profit fell by £6.3 million or 11.8% to £47.3 million. Adjusted operating profit fell by £6.5 million or 9.4% to £62.6 million with operating margin increasing by 1.2 percentage points from 18.4% to 19.6%.

	Statutory results		Adjusted results
	2017	2016	2017	2016
	£m	£m	£m	£m
Investment revenues	0.1	0.3	0.1	0.3
Pension finance charge	(5.9)	(5.2)	-	-
Finance costs	(3.3)	(3.5)	(1.4)	(2.5)
Interest on bank overdrafts and borrowings	(1.4)	(2.5)	(1.4)	(2.5)
Fair value (loss)/gain on derivative financial instruments	(3.8)	7.3	-	-
Foreign exchange gain/(loss) on retranslation of borrowings	1.9	(8.3)	-	-
Financing	(9.1)	(8.4)	(1.3)	(2.2)

Statutory financing costs which include the pension finance charge, the change in derivative financial instruments and the foreign exchange changes on retranslation of foreign currency borrowings increased by £0.7 million to £9.1 million. Adjusted financing costs fell by £0.9 million to £1.3 million reflecting the benefit of the repayment of borrowings in the prior year.

The statutory tax charge of £9.1 million (2016: £9.2 million) comprises a current tax charge of £8.3 million (2016: £9.0 million) and a deferred tax charge of £0.8 million (2016: £0.2 million). The statutory effective tax rate is higher than the standard rate of corporation tax for the reasons set out in the reconciliation below:

Reconciliation of tax charge	2017 %	2016 %
Standard rate of corporation tax	(19.3)	(20.0)
Items not deductible in determining taxable profit (non qualifying depreciation/costs)	(4.7)	(1.3)
Tax effect of items that are not taxable in determining taxable profit (property disposal/utilised losses)	0.1	0.4
Prior period adjustment (current and deferred tax)	-	0.4
Tax effect of share of results of associates (brought in post tax)	0.1	0.1
Tax charge rate	(23.8)	(20.4)

The adjusted tax charge of £12.0 million (2016: £13.5 million) represents 19.6% (2016: 20.2%) of adjusted profit before tax. The adjusted effective rate is less than the statutory effective rate as the main items not deductible in determining taxable profit relate to non-recurring items.

	Statutory results		Adjusted results
	2017	2016	2017	2016
	£m	£m	£m	£m
Profit after tax	29.1	36.0	49.3	53.4
Weighted average number of shares (000's)	274,699	280,172	274,699	280,172
Earnings per share	10.6p	12.8p	17.9p	19.1p

Statutory earnings per share fell by 2.2 pence or 17.2% to 10.6 pence. Adjusted earnings per share fell by 1.2 pence or 6.3% to 17.9 pence.

The fall in the weighted average number of shares year on year reflects the shares bought back as part of the share buyback programme.

Divisional Review

The Group has four operating segments, each of which is a division, that are regularly reviewed for the purposes of allocating resources and assessing performance. The divisional review that follows is presented on an adjusted basis and there is no difference between the operating profit by division and the segment result of each operating segment that is shown in note 3.

The operating segments are: Publishing which includes all of our newspapers and associated digital publishing; Printing which provides printing services to the Publishing segment and to third parties; Specialist Digital which includes our acquired digital classified recruitment and digital marketing services businesses; and Central which includes revenue and costs not allocated to the operational divisions and our share of results of associates.

The revenue and adjusted operating profit by operating segment is presented below:

	2017	2016	Variance	Variance
	£m	£m	£m	%
Publishing	296.4	345.5	(49.1)	(14.2%)
Printing	16.9	19.5	(2.6)	(13.3%)
Specialist Digital	4.8	7.7	(2.9)	(37.7%)
Central	1.9	2.0	(0.1)	(5.0%)
Revenue	320.0	374.7	(54.7)	(14.6%)
Publishing	66.8	74.1	(7.3)	(9.9%)
Printing	-	-	-	-
Specialist Digital	1.3	1.2	0.1	8.3%
Central	(5.5)	(6.2)	0.7	11.3%
Adjusted operating profit	62.6	69.1	(6.5)	(9.4%)

The year on year revenue trends are distorted by the extra week of trading in 2016, the Independent print and distribution contract which ceased in April 2016, Rippleffect which was sold in August 2016 and the four Metros handed back to DMGT and other portfolio changes which took place in 2016. The like for like revenue trends for 2017 exclude from the 2016 comparative the impact of these items.

Publishing

The revenue and adjusted operating profit for the Publishing division is as follows:

	2017	2016	Variance	Variance
	£m	£m	£m	%
Print	255.0	305.8	(50.8)	(16.6%)
Circulation	145.7	161.7	(16.0)	(9.9%)
Advertising	93.1	127.2	(34.1)	(26.8%)
Other	16.2	16.9	(0.7)	(4.1%)
Digital	41.4	39.7	1.7	4.3%
Display and transactional	32.8	28.1	4.7	16.7%
Classified	8.6	11.6	(3.0)	(25.9%)
Revenue	296.4	345.5	(49.1)	(14.2%)
Costs	(229.6)	(271.4)	41.8	15.4%
Adjusted operating profit	66.8	74.1	(7.3)	(9.9%)
Adjusted operating margin	22.5%	21.4%	1.1%	5.1%

Revenue fell by 14.2% or £49.1 million to £296.4 million with print revenue falling by 16.6% and digital revenue growing by 4.3%. On a like for like basis revenue fell by 9.8% with print revenue declining by 11.9% and digital revenue growing by 5.9%.

Costs fell by 15.4% or £41.8 million to £229.6 million. This includes the benefit of the impact of an additional week of trading in the first half of 2016, the cessation of the Independent distribution contract in April 2016 and the impact of handing back four Metros to DMGT and other portfolio changes together with the benefit of structural cost savings and ongoing cost mitigation actions.

Operating profit fell by £7.3 million or 9.9% to £66.8 million with operating margin increasing by 1.1 percentage points from 21.4% to 22.5%.

Divisional Review continued

Publishing continued

Print revenue

Print revenue fell by 16.6%. On a like for like basis print revenue fell by 11.9%.

Circulation revenue fell by 9.9%. On a like for like basis circulation revenues fell by 6.3% with volume declines partially mitigated by cover price increases.

The circulation volume trends in the market have been distorted by cover price differentials, cover price discounting and increased sampling.

Excluding the impact of sampling, the Daily Mirror volume fell by 11.1% compared to a 9.1% fall for the UK national daily tabloid market and the Daily Record fell 10.3% against an overall Scottish daily tabloid market decline of 10.0%.

The Sunday Mirror and Sunday People volumes declined by 15.2% and 15.9% respectively in a UK national Sunday tabloid market that fell by 10.9% and the Sunday Mail declined 12.6% against an overall Scottish Sunday tabloid market decline of 10.7%.

The market for our regional titles remained challenging with declines of 12.9% for paid for dailies, 14.0% for paid for weeklies and 14.1% for paid for Sundays.

Print advertising revenue fell by 26.8% with display and other down by 27.3% and classified down by 26.3%. Like for like print advertising revenues fell by 20.9% with display and other down 17.9% and classified down 23.5%.

Increased challenges in print advertising markets saw declines in display advertising across a number of sectors, in particular retail. The year on year trends have also been adversely impact by the strong advertising performance during June 2016 from the European Football Championship.

Most classified advertising categories also came under pressure, in particular recruitment and property which experienced like for like declines of 35.3% and 34.3% respectively.

The Daily Mirror print advertising volume market share in the UK national daily tabloid market fell from 17.8% to 15.8%. The Sunday Mirror share fell from 17.3% to 14.7% and the Sunday People share fell from 10.8% to 10.3%. The Daily Record share improved from 16.0% to 19.0% and the Sunday Mail share declined from 33.2% to 28.4%.

The more challenging market performance has been driven by the strong performance during June 2016 from the European Football Championship related activity, particularly for the Daily Mirror, and a marked increase in travel advertising which benefited competitors more than our titles.

Our regional titles continue to experience difficult advertising markets, particularly display advertising in our metropolitan titles and classified across all titles.

Other print revenue fell by 4.1%. Like for like other revenues are in line with last year with improvements in Sports Media and syndication offset by declines in leaflets and business enterprise revenue.

Digital revenue

Digital revenue grew by 4.3% with display and transactional revenue growing by 16.7% and classified revenue declining by 25.9%.

Like for like digital revenue grew by 5.9% with strong growth from display and transactional revenue of 18.0% driven by an increase in audience, engagement, video and digital marketing services partly offset by classified revenue, which is predominantly upsold from print, which declined by 23.9%, primarily due to recruitment which fell by 33.3%.

Page view growth rates have been adversely impacted by the removal of Streamo and Live Event page views as this functionality reduced the viewability of ads served due to the speed at which the pages were viewed by users. It is estimated to have impacted the growth rate by over 10%.

Divisional Review continued

Printing

The revenue and adjusted operating result of the Printing division is as follows:

	2017	2016	Variance	Variance
	£m	£m	£m	%
Contract printing	11.2	13.7	(2.5)	(18.2%)
Newsprint supply	4.2	4.7	(0.5)	(10.6%)
Other revenue	1.5	1.1	0.4	36.4%
Revenue	16.9	19.5	(2.6)	(13.3%)
External costs	(68.8)	(76.6)	7.8	10.2%
Publishing division recharge	51.9	57.1	(5.2)	(9.1%)
Adjusted operating result	-	-	-	-

Revenue fell by £2.6 million or 13.3% to £16.9 million. The fall in revenue includes the £1.3 million impact of the cessation of the Independent print contract in April 2016 and the impact of one week less of trading. On a like for like basis revenue fell by £0.7 million or 4.0% reflecting the impact of lower volumes and newsprint supply partially offset by an increase in paper and plate waste sales due to increased prices.

External costs fell by £7.8 million or 10.2% to £68.8 million with the benefit of one week less of trading, cost reduction initiatives and the reduction in costs associated with falling contract print revenue.

The net cost recharged to the Publishing division was £51.9 million compared to £57.1 million in the prior year due to cost reductions exceeding the revenue decline.

Specialist Digital

The revenue and adjusted operating profit of the Specialist Digital division is as follows:

	2017	2016	Variance	Variance
	£m	£m	£m	%
Advertising	2.4	2.5	(0.1)	(4.0%)
Other	2.4	5.2	(2.8)	(53.8%)
Revenue	4.8	7.7	(2.9)	(37.7%)
Costs	(3.5)	(6.5)	3.0	46.2%
Adjusted operating profit	1.3	1.2	0.1	8.3%

The Specialist Digital division includes Trinity Mirror Digital Recruitment, our digital classified recruitment business and Communicator Corp, our digital marketing services business. Rippleffect was sold in August 2016. Trinity Mirror Digital Recruitment advertising revenues fell by £0.1 million while Communicator Corp revenues increased by £0.1 million offset by the Rippleffect disposal impact of £2.9 million. Operating profit improved by £0.1 million.

Central

The revenue and adjusted operating loss of the Central division is as follows:

	2017	2016	Variance	Variance
	£m	£m	£m	%
Revenue	1.9	2.0	(0.1)	(5.0%)
Costs	(7.9)	(8.6)	0.7	8.1%
Associates	0.5	0.4	0.1	25.0%
Adjusted operating loss	(5.5)	(6.2)	0.7	11.3%

The Central division includes revenue and costs not allocated to the operational divisions and the share of results of associates. The result for the period was a loss of £5.5 million compared to a loss of £6.2 million in the prior period.

Revenue primarily relates to rental income from surplus office space at the Group's main office at Canary Wharf. Costs fell by £0.7 million from £8.6 million to £7.9 million reflecting the ongoing tight management of costs. Share of results from associates improved by £0.1 million in the period.

Other Items

Principal risks and uncertainties

The principal risks and uncertainties together with mitigating actions that affected the Group during the first half and going forward are described on pages 14 to 16 in the Trinity Mirror plc 2016 Annual Report. The current principal risks and uncertainties are:

· Strategy - the overall strategy or elements of the strategy are inappropriate and the delivery of the strategy is badly executed;

· Revenue loss - faster than anticipated loss of revenue from print and failure to deliver new revenue streams to offset print decline and drive revenue growth;

· Pensions - pension deficits grow at such a rate so as to affect the viability of the Group itself or so that the annual funding costs consume a disproportionate level of cash flow; and

· Historical legal issues - damage to reputation arising from historical events, direct financial impact from legal claims and distraction of senior management time from delivering the strategy.

There continues to be increased macroeconomic uncertainty created by the process of Britain exiting the European Union and political uncertainty created by the General Election. The Group's pension deficit continues to be impacted by the reduction in gilt and bond yields and the weakening of Sterling has increased newsprint costs. Considerations in relation to the uncertainty and these immediate impacts are included in the principal risks above. Whilst the impact of the uncertainty is hard to assess there is a risk that our revenues could be lower than expectations.

Assessment of the Group's prospects

The directors have assessed the Group's prospects, both as a going concern and its longer term viability.

Going concern statement

The directors consider it appropriate to adopt the going concern basis of accounting in the preparation of the Group's half-yearly financial report.

In accordance with LR 9.8.6(3) of the Listing Rules, and in determining whether the Group's interim condensed consolidated financial statements can be prepared on a going concern basis, the directors considered all factors likely to affect its future development, performance and its financial position, including cash flows, liquidity position and borrowing facilities and the principal risks and uncertainties relating to its business activities.

Having considered all the factors impacting the Group's businesses, including downside sensitivities, the directors are satisfied that the Group will be able to operate within the terms and conditions of the Group's financing facilities for the foreseeable future.

The directors have reasonable expectations that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Group's interim condensed consolidated financial statements.

Viability statement

The directors have a reasonable expectation that the Company and the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment.

The directors assessed the prospects of the Group over a three year period which reflects the budget and planning cycle adopted by the Group. A three year period is adopted as it enables the directors to consider the impact of declining print revenues, the investment required to drive growth in digital and to identify the extent to which costs need to be minimised to support profits and cash flow. The assessment takes into account the Group's current position and the principal risks and uncertainties facing the Group including those that would threaten the business model, future performance, solvency or liquidity.

Sensitivity analysis is applied to the projections to model the potential effects should principal risks and uncertainties actually occur, individually or in combination. The Board also assessed the likely effectiveness of any proposed mitigating actions.

It is understood that such future assessments are subject to a level of uncertainty that increases with time and, therefore, future outcomes cannot be guaranteed or predicted with certainty. Also, this assessment was made recognising the principal risks and uncertainties that could have an impact on the future performance of the Group and also the financial risks described in the notes to the Group's interim condensed consolidated financial statements.

Further information concerning the review of going concern and viability are set out in the Trinity Mirror plc 2016 Annual Report.

Other Items continued

Related party transactions

There were no material related party transactions during the period.

Management changes

In January 2017, the Group appointed Andy Atkinson as the Chief Revenue Officer for Trinity Mirror Solutions. Andy joined the Group in 2014 as Sales Director of Trinity Mirror Solutions, with responsibility for leading the sales teams in London and Manchester. Prior to joining the Group, Andy was Head of Trading at Google, and has also held senior roles at IDS and Channel 5.

In May 2017, in light of the ongoing challenging trading conditions across our regional business, a number of changes were announced to the management structure with Rachel Addison leaving the Group. Rachel has done a great job as Managing Director of Regionals over the past two years, particularly with the integration of Local World into Trinity Mirror. The Board would like to thank Rachel for everything she has achieved and wish her every future success.

Board changes

On 1 June 2017, David Kelly was appointed Chairman of the Remuneration Committee, replacing Helen Stevenson, who continues as Senior Independent Director. Both Helen and David joined the Board in 2014 as independent non-executive directors and will remain as members of the Audit & Risk, Remuneration and Nomination Committees.

Statement of directors' responsibilities

The directors are responsible for preparing the half-yearly financial report in accordance with applicable laws and regulations.

The directors confirm to the best of their knowledge:

a) the Group's interim condensed consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company and the undertakings included in the consolidation taken as a whole; and

b) the Management Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.

By order of the Board of directors

Simon Fox Vijay Vaghela

Chief Executive Group Finance Director

31 July 2017

Consolidated income statement

for the 26 weeks ended 2 July 2017 (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017)

	notes	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Revenue	3,4	320.0	374.7	713.0
Cost of sales		(154.6)	(180.9)	(342.1)
Gross profit		165.4	193.8	370.9
Distribution costs		(32.2)	(41.4)	(76.0)
Administrative expenses:
Non-recurring items	5	(7.3)	(4.0)	(26.0)
Restructuring charges in respect of cost reduction measures		(6.4)	(10.1)	(15.1)
Amortisation of intangible assets		(0.2)	(0.2)	(0.3)
Pension administrative expenses	13	(1.2)	(1.0)	(2.2)
Other administrative expenses		(71.1)	(83.7)	(158.5)
Share of results of associates:
Results before non-recurring items and amortisation		0.5	0.4	1.1
Non-recurring items	5	(0.1)	(0.1)	(0.1)
Amortisation of intangible assets		(0.1)	(0.1)	(0.3)
Operating profit	3	47.3	53.6	93.5
Investment revenue	6	0.1	0.3	0.6
Pension finance charge	13	(5.9)	(5.2)	(10.4)
Finance costs	7	(3.3)	(3.5)	(7.2)
Profit before tax		38.2	45.2	76.5
Tax charge	8	(9.1)	(9.2)	(7.0)
Profit for the period attributable to equity holders of the parent		29.1	36.0	69.5

Statutory earnings per share		2017 Pence	2016 Pence	2016 Pence
Earnings per share - basic	10	10.6	12.8	24.9
Earnings per share - diluted	10	10.5	12.8	24.8

Adjusted* earnings per share		2017 Pence	2016 Pence	2016 Pence
Earnings per share - basic	10	17.9	19.1	38.1
Earnings per share - diluted	10	17.8	19.1	37.8

* Adjusted items relate to the exclusion of non-recurring items, restructuring charges in respect of cost reduction measures, the amortisation of intangible assets, the pension administrative expenses, the retranslation of foreign currency borrowings, the impact of fair value changes on derivative financial instruments, the pension finance charge and the impact of tax legislation changes. Set out in note 16 is the reconciliation between the statutory results and the adjusted results.

Consolidated statement of comprehensive income

for the 26 weeks ended 2 July 2017 (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017)

	notes	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Profit for the period		29.1	36.0	69.5

Items that will not be reclassified to profit and loss:
Actuarial gains/(losses) on defined benefit pension schemes	13	45.7	(132.5)	(188.9)
Tax on actuarial gains/(losses) on defined benefit pension schemes	8	(7.8)	23.8	32.1
Deferred tax charge resulting from the future change in tax rate	8	-	-	(0.6)
Share of items recognised by associates		(5.4)	1.1	1.1
Other comprehensive income/(costs) for the period		32.5	(107.6)	(156.3)

Total comprehensive income/(costs) for the period		61.6	(71.6)	(86.8)

Consolidated cash flow statement

for the 26 weeks ended 2 July 2017 (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017)

	notes	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m
Cash flow from operating activities
Cash generated from operations	11	34.8	66.8	91.5
Income tax paid		(8.4)	(5.7)	(12.2)
Net cash inflow from operating activities		26.4	61.1	79.3
Investing activities
Interest received		0.1	0.3	0.6
Proceeds on disposal of property, plant and equipment		1.2	-	10.6
Purchases of property, plant and equipment		(4.4)	(2.5)	(4.3)
Proceeds on disposal of subsidiary undertaking		-	-	1.8
Acquisition of associate undertaking		-	-	(0.8)
Net cash (used in)/received from investing activities		(3.1)	(2.2)	7.9
Financing activities
Dividends paid		(9.2)	(8.8)	(14.6)
Interest paid on borrowings		(1.4)	(3.2)	(5.9)
Repayment of borrowings		(68.3)	(15.0)	(80.0)
Purchase of own shares		(4.6)	-	(2.3)
Purchase of shares for LTIP		-	(2.0)	(2.0)
Draw down on bank facility		30.0	-	-
Net cash used in financing activities		(53.5)	(29.0)	(104.8)

Net (decrease)/increase in cash and cash equivalents		(30.2)	29.9	(17.6)

Cash and cash equivalents at the beginning of the period	12	37.8	55.4	55.4
Cash and cash equivalents at the end of the period	12	7.6	85.3	37.8

Consolidated statement of changes in equity

for the 26 weeks ended 2 July 2017 (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017)

	Share capital £m	Share premium account £m	Merger reserve £m	Capital redemption reserve £m	Retained earnings and other reserves £m	Total £m

At 1 January 2017 (audited)	(28.3)	(606.7)	(37.9)	(4.4)	97.9	(579.4)
Profit for the period	-	-	-	-	(29.1)	(29.1)
Other comprehensive income for the period	-	-	-	-	(32.5)	(32.5)
Total comprehensive income for the period	-	-	-	-	(61.6)	(61.6)

Credit to equity for equity-settled share-based payments	-	-	-	-	(0.4)	(0.4)
Purchase of own shares	-	-	-	-	4.6	4.6
Dividends paid	-	-	-	-	9.2	9.2
At 2 July 2017 (unaudited)	(28.3)	(606.7)	(37.9)	(4.4)	49.7	(627.6)

At 27 December 2015 (audited)	(28.3)	(606.7)	(37.9)	(4.4)	(6.3)	(683.6)
Profit for the period	-	-	-	-	(36.0)	(36.0)
Other comprehensive costs for the period	-	-	-	-	107.6	107.6
Total comprehensive costs for the period	-	-	-	-	71.6	71.6

Credit to equity for equity-settled share-based payments	-	-	-	-	(0.5)	(0.5)
Purchase of shares for LTIP	-	-	-	-	2.0	2.0
Dividends paid	-	-	-	-	8.8	8.8
At 3 July 2016 (unaudited)	(28.3)	(606.7)	(37.9)	(4.4)	75.6	(601.7)

At 27 December 2015 (audited)	(28.3)	(606.7)	(37.9)	(4.4)	(6.3)	(683.6)
Profit for the period	-	-	-	-	(69.5)	(69.5)
Other comprehensive costs for the period	-	-	-	-	156.3	156.3
Total comprehensive costs for the period	-	-	-	-	86.8	86.8

Credit to equity for equity-settled share-based payments	-	-	-	-	(1.5)	(1.5)
Purchase of shares for LTIP	-	-	-	-	2.0	2.0
Purchase of own shares	-	-	-	-	2.3	2.3
Dividends paid	-	-	-	-	14.6	14.6
At 1 January 2017 (audited)	(28.3)	(606.7)	(37.9)	(4.4)	97.9	(579.4)

Consolidated balance sheet

at 2 July 2017 (3 July 2016 and 1 January 2017)

	notes	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m
Non-current assets
Goodwill		102.0	102.5	102.0
Other intangible assets		799.3	799.6	799.5
Property, plant and equipment		255.3	290.9	262.1
Investment in associates		16.7	20.5	21.8
Retirement benefit assets	13	-	9.5	-
Deferred tax assets		71.7	76.6	81.5
		1,245.0	1,299.6	1,266.9
Current assets
Inventories		4.5	6.1	5.8
Trade and other receivables		91.2	105.5	89.8
Derivative financial instruments	12	-	10.8	14.8
Cash and cash equivalents	12	7.6	85.3	37.8
		103.3	207.7	148.2
Total assets		1,348.3	1,507.3	1,415.1
Non-current liabilities
Borrowings	12	-	(59.0)	-
Retirement benefit obligations	13	(406.8)	(435.5)	(466.0)
Deferred tax liabilities		(165.2)	(176.0)	(164.1)
Provisions	14	(3.4)	(5.3)	(3.6)
		(575.4)	(675.8)	(633.7)
Current liabilities
Trade and other payables		(86.0)	(99.4)	(83.1)
Borrowings	12	(30.0)	(81.9)	(81.2)
Current tax liabilities	8	(7.4)	(9.4)	(9.8)
Provisions	14	(21.9)	(39.1)	(27.9)
		(145.3)	(229.8)	(202.0)
Total liabilities		(720.7)	(905.6)	(835.7)
Net assets		627.6	601.7	579.4

Equity
Share capital	15	(28.3)	(28.3)	(28.3)
Share premium account	15	(606.7)	(606.7)	(606.7)
Merger Reserve	15	(37.9)	(37.9)	(37.9)
Capital redemption reserve	15	(4.4)	(4.4)	(4.4)
Retained earnings and other reserves	15	49.7	75.6	97.9
Total equity attributable to equity holders of the parent		(627.6)	(601.7)	(579.4)

Notes to the consolidated financial statements

For the 26 weeks ended 2 July 2017 (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017)

1. General information

The financial information in respect of the 53 weeks ended 1 January 2017 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. A copy of the statutory accounts for that period has been delivered to the Registrar of Companies and is available at the Company's registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company's website at www.trinitymirror.com. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

The financial information for the 26 weeks ended 2 July 2017 and 27 weeks ended 3 July 2016 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been audited. No statutory accounts for these periods have been delivered to the Registrar of Companies.

This half-yearly financial report constitutes a dissemination announcement in accordance with Section 6.3 of the Disclosure and Transparency Rules.

The auditors have carried out a review of the condensed set of financial statements and their report is set out on page 32.

The half-yearly financial report was approved by the directors on 31 July 2017. This announcement is available at the Company's registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company's website at www.trinitymirror.com.

2. Accounting policies

Basis of preparation

The Group's annual consolidated financial statements are prepared in accordance with IFRS as adopted by the European Union. The condensed consolidated financial statements included in this financial report have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union.

Going concern

These condensed consolidated financial statements have been prepared on a going concern basis as set out in the Management Report on page 13.

Changes in accounting policy

The same accounting policies, presentation and methods of computation are followed in the condensed consolidated financial statements as applied in the Group's latest annual consolidated financial statements.

The Group has adopted the following standards during the current financial period which have had no material impact on the Group:

· IFRS 10 (Amended)'Consolidated Financial Statements'

· IFRS 11 (Amended) 'Joint Arrangements'

· IFRS 12 (Amended) 'Disclosure of Interests in Other Entities'

· IAS 1 (Amended) 'Presentation of Financial Statements'

· IAS 16 (Amended) 'Property, Plant and Equipment'

· IAS 27 (Amended) 'Separate Financial Statements'

· IAS 28 (Amended) 'Investments in Associated and Joint Ventures'

· IAS 38 (Amended) 'Intangible Assets'

· Annual improvements 2012 - 2014 cycle

The following standards, which have not been applied and when adopted are not expected to have a material impact on the Group, were in issue and will be effective for periods beginning on or after 1 January 2018 unless stated below:

· IAS 7 (Amended) 'Statement of Cash Flows' - effective for periods beginning on or after 1 January 2017*

· IAS 12 (Amended) 'Income taxes' - effective for periods beginning on or after 1 January 2017*

· IFRS 2 (Amended) 'Share-based Payment'*

· IFRS 9 (Amended) 'Financial Instruments'

· IAS 40 (Amended) 'Investment Property'*

· IFRIC 22 (New) 'Foreign Currency Transaction and Advance Consideration'*

· Annual improvements 2014 - 2016 cycle*

· IFRIC 23 (New) 'Uncertainty over Income Tax Treatments' - effective for periods beginning on or after 1 January 2019*

The following new standards which have not been applied and for which the impact on the Group is being assessed:

· IFRS 15 (Issued)'Revenue from Contracts with Customers' - effective for periods beginning on or after 1 January 2018

· IFRS 16 (Issued) 'Leases' - effective for periods beginning on or after 1 January 2019*

* Not yet endorsed for use in the EU

2. Accounting policies (continued)

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

Provisions

There is uncertainty as to liabilities arising from the outcome or resolution of the ongoing historical legal issues. Provisions are measured at the best estimate of the expenditure required to settle the obligation based on the assessment of the related facts and circumstances at each reporting date.

Retirement benefits

Actuarial assumptions adopted and external factors can significantly impact the surplus or deficit of defined benefit pension schemes. Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. This results in risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value. Advice is sourced from independent and qualified actuaries in selecting suitable assumptions at each reporting date.

Impairment of goodwill and other intangible assets

There is uncertainty in the value in use calculation. The most significant area of uncertainty relates to expected future cash flows for each cash-generating unit. Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash-generating unit to which these have been allocated. It also requires assessment of the appropriateness of the cash-generating unit at each reporting date. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Projections are based on both internal and external market information and reflect past experience. The discount rate reflects a long-term equity and debt mix based on the period end enterprise value assuming a long-term debt to EBITDA ratio of 2.5 times.

3. Operating segments

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board and chief operating decision maker (Executive directors) to allocate resources to the segments and to assess their performance. The Group has four operating segments that are regularly reviewed by the Board and chief operating decision maker.

The operating segments are: Publishing which includes all of our newspapers and associated digital publishing; Printing which provides printing services to the Publishing segment and to third parties; Specialist Digital which includes our digital classified recruitment and our digital marketing services businesses; and Central which includes revenue and costs not allocated to the operational divisions and our share of results of associates.

The accounting policies used in the preparation of each segment's revenue and results are the same as the Group's accounting policies. The Board and chief operating decision maker are not provided with an amount for total assets by segment. The Group's operations are primarily located in the UK and the Group is not subject to significant seasonality during the year.

Segment revenue and results

26 weeks ended 2 July 2017 (unaudited)	Publishing 2017 £m	Printing 2017 £m	Specialist Digital 2017 £m	Central 2017 £m	Total 2017 £m
Revenue
Segment sales	296.4	68.8	5.0	1.9	372.1
Inter-segment sales	-	(51.9)	(0.2)	-	(52.1)
Total revenue	296.4	16.9	4.8	1.9	320.0
Segment result	66.8	-	1.3	(5.5)	62.6
Non-recurring items					(7.4)
Restructuring charges in respect of cost reduction measures					(6.4)
Amortisation of intangible assets					(0.3)
Pension administrative expenses					(1.2)
Operating profit					47.3
Investment revenue					0.1
Pension finance charge					(5.9)
Finance costs					(3.3)
Profit before tax					38.2
Tax charge					(9.1)
Profit for the period					29.1

3. Operating segments (continued)

Segment revenue and results (continued)

27 weeks ended 3 July 2016 (unaudited)	Publishing 2016 £m	Printing 2016 £m	Specialist Digital 2016 £m	Central 2016 £m	Total 2016 £m
Revenue
Segment sales	345.5	76.6	8.0	2.0	432.1
Inter-segment sales	-	(57.1)	(0.3)	-	(57.4)
Total revenue	345.5	19.5	7.7	2.0	374.7
Segment result	74.1	-	1.2	(6.2)	69.1
Non-recurring items					(4.1)
Restructuring charges in respect of cost reduction measures					(10.1)
Amortisation of intangible assets					(0.3)
Pension administrative expenses					(1.0)
Operating profit					53.6
Investment revenues					0.3
Pension finance charge					(5.2)
Finance costs					(3.5)
Profit before tax					45.2
Tax charge					(9.2)
Profit for the period					36.0

53 weeks ended 1 January 2017 (audited)	Publishing 2016 £m	Printing 2016 £m	Specialist Digital 2016 £m	Central 2016 £m	Total 2016 £m
Revenue
Segment sales	660.0	147.9	13.3	3.9	825.1
Inter-segment sales	-	(111.7)	(0.4)	-	(112.1)
Total revenue	660.0	36.2	12.9	3.9	713.0
Segment result	148.4	-	2.4	(13.3)	137.5
Non-recurring items					(26.1)
Restructuring charges in respect of cost reduction measures					(15.1)
Amortisation of intangible assets					(0.6)
Pension administrative expenses					(2.2)
Operating profit					93.5
Investment revenues					0.6
Pension finance charge					(10.4)
Finance costs					(7.2)
Profit before tax					76.5
Tax charge					(7.0)
Profit for the period					69.5

4. Revenue

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Publishing Print	255.0	305.8	581.0
Circulation	145.7	161.7	310.6
Advertising	93.1	127.2	236.6
Other	16.2	16.9	33.8
Publishing Digital	41.4	39.7	79.0
Display and transactional	32.8	28.1	58.4
Classified	8.6	11.6	20.6
Printing	16.9	19.5	36.2
Specialist Digital	4.8	7.7	12.9
Central	1.9	2.0	3.9
Total revenue	320.0	374.7	713.0

4. Revenue (continued)

The Group's operations are located primarily in the UK. The Group's revenue by location of customers is set out below:

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

UK and Republic of Ireland	318.8	373.5	709.9
Continental Europe	1.1	1.1	2.8
Rest of World	0.1	0.1	0.3
Total revenue	320.0	374.7	713.0

5. Non-recurring items

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Provision for historical legal issues (a)	(7.5)	-	(11.5)
Profit on disposal of land and buildings (b)	0.2	-	0.2
Contract termination fee (c)	-	(2.0)	(2.0)
Impairment of goodwill (d)	-	(2.0)	(2.0)
Closure of print sites and press line (e)	-	-	(10.7)
Non-recurring items included in administrative expenses	(7.3)	(4.0)	(26.0)
Non-recurring items included in share of results of associates (f)	(0.1)	(0.1)	(0.1)
Total non-recurring items	(7.4)	(4.1)	(26.1)

(a) Increase in the provision for dealing with historical legal issues in relation to phone hacking of £7.5 million (27 weeks ended 3 July 2016: nil and 53 weeks ended 1 January 2017: £11.5 million). It remains uncertain as to how these matters will progress, whether further allegations or claims will be made, and their financial impact. Due to this uncertainty a contingent liability has been highlighted in note 18.

(b) Profit on disposal of property with net proceeds of £1.2 million less carrying value of £1.0 million (27 weeks ended 3 July 2016: nil and 53 weeks ended 1 January 2017: profit on disposal of Cardiff and Coventry properties with net proceeds of £10.6 million less carrying value of £10.4 million).

(d) In 2016, a £2.0 million charge against the carrying value of goodwill in our Specialist Digital division was required.

(e) In 2016, costs associated with closure of the printing site in Cardiff and a press line in Scotland (Cardonald) of £10.7 million including the write off of fixed assets of £9.1 million.

(f) Group's share of restructuring costs incurred by PA Group.

6. Investment revenue

26 weeks ended

2 July

2017 (unaudited)

£m

27 weeks ended

3 July

2016 (unaudited)

£m

53 weeks

ended

1 January

2017

(audited)

£m

Interest income on bank deposits

0.1

0.3

0.6

7. Finance costs

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Interest on bank overdrafts and borrowings	(1.4)	(2.5)	(4.9)
Total interest expense	(1.4)	(2.5)	(4.9)
Fair value (loss)/gain on derivative financial instruments	(3.8)	7.3	11.3
Foreign exchange gain/(loss) on retranslation of borrowings	1.9	(8.3)	(13.6)
Finance costs	(3.3)	(3.5)	(7.2)

8. Tax

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m
Corporation tax charge for the period	(8.3)	(9.0)	(20.4)
Prior period adjustment	-	-	1.2
Current tax charge	(8.3)	(9.0)	(19.2)
Deferred tax (charge)/credit for the period	(0.8)	(0.6)	1.8
Prior period adjustment	-	0.4	0.6
Deferred tax rate change	-	-	9.8
Deferred tax charge	(0.8)	(0.2)	12.2
Tax charge	(9.1)	(9.2)	(7.0)

Reconciliation of tax charge	%	%	%
Standard rate of corporation tax	(19.3)	(20.0)	(20.0)
Tax effect of items that are not deductible in determining taxable profit	(4.7)	(1.3)	(5.4)
Tax effect of items that are not taxable in determining taxable profit	0.1	0.4	1.1
Prior period adjustment	-	0.4	2.3
Deferred tax rate change	-	-	12.6
Tax effect of share of results of associates	0.1	0.1	0.2
Tax charge	(23.8)	(20.4)	(9.2)

The standard rate of corporation tax for the period is 19.25% (2016: 20%). The tax effect of items that are not deductible in determining taxable profit includes certain costs where there is uncertainty as to their deductibility. The current tax liabilities amounted to £7.4 million (3 July 2016: £9.4 million and 1 January 2017: £9.8 million) at the reporting date.

The opening deferred tax position is recalculated in the period in which a change in the standard rate of corporation tax has been enacted or substantively enacted by parliament. The change in rate from 18% to 17% in 2020 was accounted for in the prior year resulting in £9.8 million credit in the consolidated income statement and a £4.4 million charge in the consolidated statement of comprehensive income.

The tax on actuarial gains/(losses) on defined benefit pension schemes taken to the consolidated statement of comprehensive income is a charge of £7.8 million comprising a deferred tax charge of £10.1 million and a current tax credit of £2.3 million (27 weeks ended 3 July 2016: credit of £23.8 million comprising a deferred tax credit of £21.5 million and a current tax credit of £2.3 million and 53 weeks ended 1 January 2017: credit of £32.1 million comprising a deferred tax credit of £26.5 million and a current tax credit of £5.6 million). In the prior year, the deferred tax charge resulting from the future change in tax rate of £0.6 million comprised a charge of £4.4 million from the change in future tax rates and a credit of £3.8 million from a change in the expected reversal of timing differences.

9. Dividends

	26 weeks ended 2 July 2016 (unaudited) Pence	27 weeks ended 3 July 2016 (unaudited) Pence	53 weeks ended 1 January 2017 (audited) Pence
Dividends paid per share and recognised as distributions to equity holders in the period	3.35	3.15	5.25
Dividend proposed per share but not paid nor included in the accounting records	2.25	2.10	3.35

26 weeks ended

2 July

2016

(unaudited)

Pence

27 weeks

ended

3 July

2016

(unaudited)

Pence

53 weeks ended

1 January

2017

(audited)

Pence

Dividends paid per share and recognised as distributions to equity holders in the period

3.35

3.15

5.25

Dividend proposed per share but not paid nor included in the accounting records

2.25

2.10

3.35

The Board has approved an interim dividend for 2017 of 2.25 pence per share. On 4 May 2017 the final dividend proposed for 2016 of 3.35 pence per share was approved by shareholders at the Annual General Meeting and was paid on 9 June 2017. The total dividend payment amounted to £9.2 million. On 5 May 2016 the final dividend proposed for 2015 of 3.15 pence per share was approved by shareholders at the Annual General Meeting and was paid on 10 June 2016. An interim dividend for 2016 of 2.10 pence per share was paid on 25 November 2016. The total dividend payment in 2016 amounted to £14.6 million.

10. Earnings per share

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Profit after tax before adjusted* items	49.3	53.4	106.2
Adjusted* items:
Non-recurring items (after tax)	(7.5)	(3.2)	(22.0)
Amortisation of intangibles (after tax)	(0.3)	(0.3)	(0.5)
Pension charges (after tax)	(5.7)	(5.0)	(10.1)
Restructuring charges (after tax)	(5.2)	(8.1)	(12.1)
Finance costs (after tax)	(1.5)	(0.8)	(1.8)
Tax legislation changes (after tax)	-	-	9.8
Profit for the period	29.1	36.0	69.5

Weighted average number of ordinary shares	Thousand	Thousand	Thousand

Weighted average number of ordinary shares for basic earnings per share	274,699	280,172	278,895
Effect of potential dilutive ordinary shares in respect of share options	1,396	842	1,864
Weighted average number of ordinary shares for diluted earnings per share	276,095	281,014	280,759

Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the parent by the weighted average number of ordinary shares during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all potentially dilutive ordinary shares. The weighted average number of potentially dilutive ordinary shares not currently dilutive was 2,518,604 (3 July 2016: 3,442,642 and 1 January 2017: 2,805,385).

Statutory earnings per share	Pence	Pence	Pence

Earnings per share - basic	10.6	12.8	24.9
Earnings per share - diluted	10.5	12.8	24.8

Adjusted* earnings per share	Pence	Pence	Pence

Earnings per share - basic	17.9	19.1	38.1
Earnings per share - diluted	17.8	19.1	37.8

The basic earnings per share impact for each non-recurring item disclosed in note 5 are as follows:

	Pence	Pence	Pence

Provision for historical legal issues	(2.7)	-	(3.3)
Profit on disposal of land and buildings	-	-	0.2
Contract termination fee	-	(0.6)	(0.7)
Impairment of goodwill	-	(0.6)	(0.7)
Closure of print sites and press line	-	-	(3.5)
Loss per share - total non-recurring items	(2.7)	(1.2)	(8.0)

11. Notes to the consolidated cash flow statement

	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Operating profit	47.3	53.6	93.5
Depreciation of property, plant and equipment	10.3	11.3	22.2
Amortisation of intangible assets	0.2	0.2	0.3
Impairment of goodwill	-	2.0	2.0
Share of results of associates	(0.3)	(0.2)	(0.7)
Charge for share-based payments	0.4	0.5	1.5
Profit on disposal of land and buildings	(0.2)	-	(0.2)
Write-off of fixed assets	-	0.4	9.6
Pension administrative expenses	1.2	1.0	2.2
Pension deficit funding payments	(20.6)	(17.9)	(40.7)
Operating cash flow before movements in working capital	38.3	50.9	89.7
Decrease in inventories	1.3	0.1	0.4
(Increase)/decrease in receivables	(1.3)	16.3	29.7
Decrease in payables	(3.5)	(0.5)	(28.3)
Cash flow from operating activities	34.8	66.8	91.5

12. Net debt

The Group repaid the final private placement loan notes in June 2017. The associated cross-currency interest rate swap matured on the same date.

The statutory net debt movement for the Group is as follows:

	1 January 2017 (audited) £m	Cash flow £m	Derivative financial instruments* £m	Foreign exchange* £m	Loan repaid £m	Loan drawn £m	2 July 2017 (unaudited) £m
Current liabilities
Loan notes	(81.2)	-	-	1.9	79.3	-	-
Bank facility	-	-	-	-	-	(30.0)	(30.0)
	(81.2)	-	-	1.9	79.3	(30.0)	(30.0)
Current assets
Derivative financial instruments	14.8	-	(3.8)	-	(11.0)	-	-
Cash and cash equivalents	37.8	8.1	-	-	(68.3)	30.0	7.6
	52.6	8.1	(3.8)	-	(79.3)	30.0	7.6
Net debt	(28.6)	8.1	(3.8)	1.9	-	-	(22.4)

* The impact on the loan notes of translation into Sterling at the settlement date and the impact on the derivative financial instruments of being stated at fair value at the settlement date are included in the consolidated income statement within finance costs as set out in note 7.

The Group had a cross-currency interest rate swap to manage its exposure to foreign exchange movements and interest rate movements on the private placement loan notes. Fair value was calculated using discounted cash flows based upon forward rates available to the Group. The cross-currency interest rate swap was classed in level two of the financial instruments hierarchy. Level two fair value measurements are those derived from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

The contracted net debt movement for the Group, assuming at 1 January 2017 that the private placement loan notes and the cross-currency interest rate swaps were not terminated prior to maturity, is as follows:

	1 January 2017 (audited) £m	Cash flow £m	Loan repaid £m	Loan drawn £m	2 July 2017 (unaudited) £m
Current liabilities
Loan notes	(68.3)	-	68.3	-	-
Bank facility	-	-	-	(30.0)	(30.0)
	(68.3)	-	68.3	(30.0)	(30.0)
Current assets
Cash and cash equivalents	37.8	8.1	(68.3)	30.0	7.6
	37.8	8.1	(68.3)	30.0	7.6
Net debt	(30.5)	8.1	-	-	(22.4)

12. Net debt (continued)

The statutory net debt reconciles to the contracted net debt as follows:

	2 July 2017 (unaudited) £m	1 January 2017 (audited) £m

Statutory net debt	(22.4)	(28.6)
Loan notes at period end exchange rate	-	81.2
Loan notes at swapped exchange rate	-	(68.3)
Cross-currency interest rate swaps	-	(14.8)
Contracted net debt	(22.4)	(30.5)

Following repayment of the private placement loan notes and maturity of the associated cross-currency interest rate swaps on 20 June 2017, net debt is the same on a statutory and contracted basis.

13. Retirement benefit schemes

Defined contribution pension schemes

The Group operates the Trinity Mirror Pension Plan (the 'TMPP Scheme'), which is a defined contribution pension scheme for qualifying employees. The assets of the TMPP Scheme are held separately from those of the Group in funds under the control of Trustees. The Local World Group Personal Pension Plan (the 'LW Plan'), which was a defined contribution pension scheme for qualifying employees where employees held a personal pension policy directly with Scottish Widows was closed to future contribution from 30 June 2017.

The TMPP Scheme has five sections. Three of the sections are closed to new members: one for members who elected to join prior to 1 May 2013, one for members who elect to join from 1 May 2013 to 30 June 2017 and one for members who were previously members of the LW Plan. Two of the sections are open to new members: one for members who elect to join from 1 July 2017 and one for members who from 1 July 2013 are auto enrolled. The Group first implemented the Auto Enrolment legislation from 1 July 2013 and from 1 July 2017 this now includes Local World.

The current service cost charged to the consolidated income statement of £6.4 million (27 weeks ended 3 July 2016: £6.9 million and 53 weeks ended 1 January 2017: £13.6 million) represents contributions of £5.8 million (27 weeks ended 3 July 2017: £6.2 million and 53 weeks ended 1 January 2017: £12.3 million) paid to the TMPP Scheme by the Group at rates specified in the scheme rules and contributions of £0.6 million (27 weeks ended 3 July 2017: £0.7 million and 53 weeks ended 1 January 2017: £1.3 million) paid into the LW Plan by the Group at rates specified in the scheme rules. All amounts that were due have been paid over to the schemes at all reporting dates.

Defined benefit pension schemes

Background

The defined benefit pension schemes operated by the Group were closed to future accrual in 2010. The Group has three defined benefit pension schemes: the MGN Pension Scheme (the 'MGN Scheme'), the Trinity Retirement Benefit Scheme (the 'Trinity Scheme') and the Midland Independent Newspapers Pension Scheme (the 'MIN Scheme'). On 30 December 2016, the Mirror Group Pension Scheme and the MGN Past Service Pension Scheme were merged into the MGN Pension Scheme (collectively referred to as the Mirror Schemes). Following the merger the bulk annuity policy held by the Mirror Group Pension Scheme was shattered with individual policies issued to members and both the Mirror Group Pension Scheme and the MGN Past Service Pension Scheme were wound up.

Characteristics

The defined benefit pension schemes provide pensions to members which are based on the final salary pension payable normally from age 65 plus surviving spouses or dependents benefits following a member's death. Benefits increase both before and after retirement either in line with statutory requirements or in accordance with the scheme rules. Such increases are either at fixed rates or in line with retail or consumer prices but subject to upper and lower limits. All of the schemes are independent of the Group with assets held independently of the Group. They are governed by Trustees who administer benefits in accordance with the scheme rules and appropriate UK legislation. The schemes each have a professional independent trustee as their chairman with generally half of the remaining Trustees nominated by the members and half by the Group.

Maturity profile and cash flow

Across the schemes, based on the prior period reporting date assumptions, the invested assets are expected to be sufficient to pay the uninsured benefits due up to 2045. The remaining uninsured benefit payments, payable from 2046, are due to be funded by a combination of asset outperformance and the deficit contributions currently scheduled to be paid by 2025. The liabilities related 50% to current pensioners and their spouses or dependants and 50% related to deferred pensioners. The average term from the prior period end to payment of the remaining uninsured benefits is expected to be around 20 years. Uninsured pension payments in 2016, excluding lump sums and transfer value payments, were £41 million, and these are projected to rise to an annual peak in 2039 of £75 million and reducing thereafter.

13. Retirement benefit schemes (continued)

Defined benefit pension schemes (continued)

Funding arrangements

The funding of the Group's schemes is subject to UK pension legislation as well as the guidance and codes of practice issued by the Pensions Regulator. Funding targets are agreed between the Trustees and the Group and are reviewed and revised usually every three years. The funding targets must include a margin for prudence above the expected cost of paying the benefits and so are different to the liability value for IAS 19 purposes. The funding deficits revealed by these triennial valuations are removed over time in accordance with an agreed recovery plan and schedule of contributions for each scheme.

The valuations of the schemes as at 31 December 2013 were completed on 9 December 2014. The valuations showed deficits of £336.7 million for the Mirror Schemes, £31.9 million for the Trinity Scheme and £26.7 million for the MIN Scheme.

As part of the agreement of the valuations, deficit funding contributions were agreed at £36.2 million for 2015, 2016 and 2017. Contributions were agreed at around £36 million from 2018 to 2023 and then reduce to around £21 million for 2024 and 2025 after which contributions were due to cease. The combined deficit was expected to be eradicated by 2027 by a combination of the contributions and asset returns. In December 2014, the Group prepaid contributions for 2015 and 2016 of £16.5 million and £0.5 million respectively.

In addition, the Group agreed that in respect of dividend payments in 2015, 2016 and 2017 that additional contributions would be paid at 50% of the excess if dividends in 2015 were above 5 pence per share. For 2016 and 2017 the threshold increases in line with the increase in dividends capped at 10% per annum.

Payments in the period were £20.6 million (27 weeks ended 3 July 2016: £17.9 million and 53 weeks ended 1 January 2017: £40.7 million) comprising £18.1 million (27 weeks ended 3 July 2016: £17.9 million and 53 weeks ended 1 January 2017: £35.7 million) of deficit funding and £2.5 million (27 weeks ended 3 July 2016: nil and 53 weeks ended 1 January 2017: £5.0 million) in connection with the share buyback. Payments were £14.8 million (27 weeks ended 3 July 2016: £13.0 million and 53 weeks ended 1 January 2017: £29.6 million) to the Mirror Schemes, £3.5 million (27 weeks ended 3 July 2016: £3.1 million and 53 weeks ended 1 January 2017: £7.0 million) to the Trinity Scheme and £2.3 million (27 weeks ended 3 July 2016: £1.8 million and 53 weeks ended 1 January 2017: £4.1 million) to the MIN Scheme.

The future deficit funding commitments are linked to the three-yearly actuarial valuations. There is no link to the IAS 19 valuations which use different actuarial assumptions and are updated at each reporting date. The next funding valuation of the schemes has an effective date of 31 December 2016 and these valuations, which are currently in progress, are required to be completed by 31 March 2018.

Although the funding commitments do not generally impact the IAS 19 position, IFRIC 14 guides companies to consider for IAS 19 disclosures whether any surplus can be recognised as a balance sheet asset and whether any future funding commitments in excess of the IAS 19 liability should be provisioned for. Based on the interpretation of the rules for each of the defined benefit pension schemes, the Group considers that it has an unconditional right to any potential surplus on the ultimate wind-up of each scheme after all benefits to members have been paid. Under IFRIC 14 it is therefore appropriate to recognise any IAS 19 surpluses which may emerge in future, and not to recognise any potential additional liabilities in respect of future funding commitments. This conclusion was reconsidered and reconfirmed during 2016 following the issuance of an Exposure Draft of changes to IFRIC14 which provided more detailed guidance on this area.

Risks

Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. This results in risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value.

The main sources of risk are:

· Investment risk: a reduction in asset returns (or assumed future asset returns);

· Inflation risk: an increase in benefit increases (or assumed future increases); and

· Longevity risk: an increase in average life spans (or assumed life expectancy).

These risks are managed by:

· Investing in insured annuity policies: the income from these policies exactly matches the benefit payments for the members covered, removing all of the above risks. At the prior period reporting date the insured annuity policies covered 17% of total liabilities;

· Investing a proportion of assets in government and corporate bonds: changes in the values of the bonds broadly match changes in the values of the uninsured liabilities, reducing the investment risk, however some risk remains as the durations of the bonds are typically shorter than that of the liabilities and so the values may still move differently. At the prior period reporting date this amounted to 47% of assets excluding the insured annuity policies;

· Investing a proportion in equities: with the aim of achieving outperformance and so reducing the deficits over the long term. At the prior period reporting date this amounted to 51% of assets excluding the insured annuity policies; and

· The gradual sale of equities over time to purchase additional annuity policies or bonds and investment in liability driven investments: to further reduce risk as the schemes, which are closed to future accrual, mature.

Pension scheme accounting deficits are snapshots at moments in time and are not used by either the Company or Trustees to frame funding policy. The Company and Trustees are aligned in focusing on the long-term sustainability of the funding policy which aims to balance the interests of the Company's shareholders and members of the schemes. The Company and Trustees are also aligned in reducing pensions risk over the long term and at a pace which is affordable to the Company.

13. Retirement benefit schemes (continued)

Defined benefit pension schemes (continued)

Risks (continued)

The Group is not exposed to any unusual, entity specific or scheme specific risks. There were no plan amendments, settlements or curtailments in 2017 or during 2016 which resulted in a pension cost.

Actuarial projections at the prior year reporting date showed removal of the accounting deficit by 2024 due to scheduled contributions and asset returns at the current target rate.

Results

For the purposes of the Group's condensed consolidated financial statements, valuations have been performed in accordance with the requirements of IAS 19 with scheme liabilities calculated using a consistent projected unit valuation method and compared to the estimated value of the scheme assets at 2 July 2017.

The assets and liabilities of the schemes as at the reporting date are:

	MGN Scheme £m	Trinity Scheme £m	MIN Scheme £m	Total £m

Present value of uninsured scheme liabilities	(1,234.6)	(375.8)	(128.7)	(1,739.1)
Present value of insured scheme liabilities	-	(77.9)	(106.9)	(184.8)
Total present value of scheme liabilities	(1,234.6)	(453.7)	(235.6)	(1,923.9)
Invested and cash assets at fair value	883.0	368.4	80.9	1,332.3
Value of liability matching insurance contracts	-	77.9	106.9	184.8
Total fair value of scheme assets	883.0	446.3	187.8	1,517.1
Net scheme deficit	(351.6)	(7.4)	(47.8)	(406.8)

Based on actuarial advice, the assumptions used in calculating the scheme liabilities and the actuarial value of those liabilities are:

	2 July 2017	3 July 2016	1 January 2017
Financial assumptions (nominal % pa)
Discount rate	2.60	2.80	2.65
Retail price inflation rate	3.20	2.75	3.20
Consumer price inflation rate	2.00	1.55	2.00
Rate of pension increase in deferment	2.00	1.55	2.00
Rate of pension increases in payment	3.75	3.75	3.85
Mortality assumptions - future life expectancies from age 65 (years)
Male currently aged 65	21.7	21.8	21.8
Female currently aged 65	23.6	23.8	23.9
Male currently aged 55	22.4	22.6	22.7
Female currently aged 55	24.3	24.7	24.8

The estimated impact on the IAS 19 liabilities and on the IAS 19 deficit at the reporting date, due to a reasonably possible change in key assumptions over the next year, are set out in the table below:

	Effect on liabilities £m	Effect on deficit £m
Discount rate +/- 0.5% pa	-173 / +191	-162 / +180
Retail price inflation rate +/- 0.5% pa	+29 / -27	+23 / -21
Consumer price inflation rate +/- 0.5% pa	+47 / -44	+47 / -44
Life expectancy at age 65 +/- 1 year	+110 / -105	+105 / -100

The effect on the deficit is usually lower than the effect on the liabilities due to the matching impact on the value of the insurance contracts held in respect of some of the liabilities. Each assumption variation represents a reasonably possible change in the assumption over the next year but might not represent the actual effect because assumption changes are unlikely to happen in isolation.

The estimated impact of the assumption variations make no allowance for changes in the values of invested assets that would arise if market conditions were to change in order to give rise to the assumption variation. If allowance were made, the estimated impact would likely be lower as the values of invested assets would normally change in the same directions as the liability values.

13. Retirement benefit schemes (continued)

Defined benefit pension schemes (continued)

Results (continued)

The amount included in the consolidated income statement, consolidated statement of comprehensive income and consolidated balance sheet arising from the Group's obligations in respect of its defined benefit pension schemes is as follows:

Consolidated income statement	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Pension administrative expenses	(1.2)	(1.0)	(2.2)
Pension finance charge	(5.9)	(5.2)	(10.4)
Defined benefit cost recognised in income statement	(7.1)	(6.2)	(12.6)

Consolidated statement of comprehensive income	26 weeks ended 2 July 2017 (unaudited) £m	27 weeks ended 3 July 2016 (unaudited) £m	53 weeks ended 1 January 2017 (audited) £m

Actuarial gain due to liability experience	-	0.6	14.0
Actuarial gain/(loss) due to liability assumption changes	11.0	(215.6)	(340.7)
Total liability actuarial gain/(loss)	11.0	(215.0)	(326.7)
Returns on scheme assets greater than discount rate	34.7	82.5	137.8
Total gain/(loss) recognised in statement of comprehensive income	45.7	(132.5)	(188.9)

Consolidated balance sheet	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

Present value of uninsured scheme liabilities	(1,739.1)	(1,674.4)	(1,764.3)
Present value of insured scheme liabilities	(184.8)	(362.9)	(363.3)
Total present value of scheme liabilities	(1,923.9)	(2,037.3)	(2,127.6)
Invested and cash assets at fair value	1,332.3	1,248.4	1,298.3
Value of liability matching insurance contracts	184.8	362.9	363.3
Total fair value of scheme assets	1,517.1	1,611.3	1,661.6
Net scheme deficit	(406.8)	(426.0)	(466.0)

Non-current assets - retirement benefit assets	-	9.5	-
Non-current liabilities - retirement benefit obligations	(406.8)	(435.5)	(466.0)
Net scheme deficit	(406.8)	(426.0)	(466.0)

Net scheme deficit included in consolidated balance sheet	(406.8)	(426.0)	(466.0)
Deferred tax included in consolidated balance sheet	70.7	76.5	80.9
Net scheme deficit after deferred tax	(336.1)	(349.5)	(385.1)
Movement in net scheme deficit	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

Opening net scheme deficit	(466.0)	(305.2)	(305.2)
Contributions	20.6	17.9	40.7
Consolidated income statement	(7.1)	(6.2)	(12.6)
Consolidated statement of comprehensive income	45.7	(132.5)	(188.9)
Closing net scheme deficit	(406.8)	(426.0)	(466.0)

13. Retirement benefit schemes (continued) Defined benefit pension schemes (continued) Results (continued) Changes in the present value of scheme liabilities	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

Opening present value of scheme liabilities	(2,127.6)	(1,833.6)	(1,833.6)
Interest cost	(26.4)	(32.7)	(65.3)
Actuarial gain - experience	-	0.6	14.0
Actuarial gain - change to demographic assumptions	26.8	28.5	30.0
Actuarial loss - change to financial assumptions	(15.8)	(244.1)	(370.7)
Benefits paid	45.8	44.0	98.0
Bulk transfer due to buy out	173.3	-	-
Closing present value of scheme liabilities	(1,923.9)	(2,037.3)	(2,127.6)

Changes in the fair value of scheme assets	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

Opening fair value of scheme assets	1,661.6	1,528.4	1,528.4
Interest income	20.5	27.5	54.9
Actual return on assets greater than discount rate	34.7	82.5	137.8
Contributions by employer	20.6	17.9	40.7
Benefits paid	(45.8)	(44.0)	(98.0)
Administrative expenses	(1.2)	(1.0)	(2.2)
Bulk transfer due to buy out	(173.3)	-	-
Closing fair value of scheme assets	1,517.1	1,611.3	1,661.6

Fair value of scheme assets	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

UK equities	165.0	183.3	208.2
US equities	226.2	206.3	217.2
Other overseas equities	262.8	215.2	235.7
Property	25.6	20.9	26.9
Corporate bonds	227.3	316.7	220.0
Fixed interest gilts	64.8	72.7	77.5
Index linked gilts	28.3	89.5	30.2
Liability driven investment	104.3	4.7	71.2
Cash and other	228.0	139.1	211.4
Invested and cash assets at fair value	1,332.3	1,248.4	1,298.3
Value of insurance contracts	184.8	362.9	363.3
Fair value of scheme assets	1,517.1	1,611.3	1,661.6

On 30 March 2017, the Trustees of the Mirror Schemes converted the insurance policy held by the Mirror Group Pension Scheme to a buyout policy. This reduced assets and liabilities by £173.3 million on that date.

All of the scheme assets have quoted prices in active markets. Scheme assets include neither direct investments in the Company's ordinary shares nor any property assets occupied nor other assets used by the Group.

14. Provisions

	Share-based payments £m	Property £m	Restructuring £m	Other £m	Total £m

At 1 January 2017 (audited)	(0.3)	(8.1)	(3.4)	(19.7)	(31.5)
Charged to income statement	(0.1)	-	(6.4)	(7.8)	(14.3)
Utilisation of provision	0.1	1.6	7.9	10.9	20.5
At 2 July 2017 (unaudited)	(0.3)	(6.5)	(1.9)	(16.6)	(25.3)

The provisions have been analysed between current and non-current as follows:

	2 July 2017 (unaudited) £m	3 July 2016 (unaudited) £m	1 January 2017 (audited) £m

Current	(21.9)	(39.1)	(27.9)
Non-current	(3.4)	(5.3)	(3.6)
	(25.3)	(44.4)	(31.5)

The share-based payments provision relates to National Insurance obligations attached to the future crystallisation of awards.

The property provision relates to onerous property leases and future committed costs related to occupied, let and vacant properties. This provision will be utilised over the remaining term of the leases.

The restructuring provision relates to restructuring charges incurred in the delivery of cost reduction measures. This provision is expected to be utilised within the next year.

The other provision relates to legal and other costs relating to historical litigation expected to be utilised within the next year.

15. Share capital and reserves

The share capital comprises 283,459,571 allotted, called-up and fully paid ordinary shares of 10p each. The share premium account reflects the premium on issued ordinary shares. The merger reserve comprises the premium on the shares allotted in relation to the acquisition of Local World net of £0.8 million of issue costs. The capital redemption reserve represents the nominal value of the shares purchased and subsequently cancelled under share buy-back programmes.

Cumulative goodwill written off to retained earnings and other reserves in respect of continuing businesses acquired prior to 1998 is £25.9 million (2016: £25.9 million). On transition to IFRS, the revalued amounts of freehold properties were deemed to be the cost of the asset and the revaluation reserve has been transferred to retained earnings and other reserves.

Shares purchased by the Trinity Mirror Employee Benefit Trust (the 'Trust') are included in retained earnings and other reserves at £4.9 million (3 July 2016: £5.6 million and 1 January 2017: £5.5 million). During the period, 447,096 shares were released relating to grants made in prior years (27 weeks ended 3 July 2016: 60,759 and 53 weeks ended 1 January 2017: 138,634). During the prior year the Trust purchased 1,600,000 shares for a cash consideration of £2.0 million and received a payment of £2.0 million from the Company to purchase these shares.

During the period 1,219,237 awards were granted to Executive Directors on a discretionary basis under the Long Term Incentive Plan (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017: 859,794). The exercise price of the granted awards is £1 for each block of awards granted. The awards vest after three years, subject to the continued employment of the participant and satisfaction of certain performance conditions and are required to be held for a further two years.

During the period 1,242,316 awards were granted to senior managers on a discretionary basis under the Senior Management Incentive Plan (27 weeks ending 3 July 2016: 1,431,028 and 53 weeks ended 1 January 2017: 1,494,019). The exercise price of the granted awards is £1 for each block of awards granted. The awards vest after three years, subject to the continued employment of the participant and satisfaction of certain performance conditions.

During the period 111,792 awards were granted to Executive Directors under the Restricted Share Plan (27 weeks ended 3 July 2016 and 53 weeks ended 1 January 2017: 82,699). The awards vest after three years.

The Board approved a share buyback programme of up to £10 million which commenced in August 2016. At the period end the Group had acquired 6,664,544 shares (1 January 2017: 2,505,366) for £6.9 million (1 January 2017: £2.3 million). The shares are held as Treasury shares.

16. Reconciliation of statutory results to adjusted results

26 weeks ended 2 July 2017 (unaudited)

	Statutory results £m	Non-recurring items (a) £m	Amortisation (b) £m	Pension charges (c) £m	Restructuring charges (d) £m	Finance costs (e) £m	Tax items (f) £m	Adjusted results £m
Revenue	320.0	-	-	-	-	-	-	320.0
Operating profit	47.3	7.4	0.3	1.2	6.4	-	-	62.6
Profit before tax	38.2	7.4	0.3	7.1	6.4	1.9	-	61.3
Profit after tax	29.1	7.5	0.3	5.7	5.2	1.5	-	49.3
Basic EPS (p)	10.6	2.7	0.1	2.1	1.9	0.5	-	17.9

27 weeks ended 3 July 2016 (unaudited)

Revenue	374.7	-	-	-	-	-	-	374.7
Operating profit	53.6	4.1	0.3	1.0	10.1	-	-	69.1
Profit before tax	45.2	4.1	0.3	6.2	10.1	1.0	-	66.9
Profit after tax	36.0	3.2	0.3	5.0	8.1	0.8	-	53.4
Basic EPS (p)	12.8	1.2	0.1	1.8	2.9	0.3	-	19.1

53 weeks ended 1 January 2017 (audited)

Revenue	713.0	-	-	-	-	-	-	713.0
Operating profit	93.5	26.1	0.6	2.2	15.1	-	-	137.5
Profit before tax	76.5	26.1	0.6	12.6	15.1	2.3	-	133.2
Profit after tax	69.5	22.0	0.5	10.1	12.1	1.8	(9.8)	106.2
Basic EPS (p)	24.9	8.0	0.2	3.6	4.3	0.6	(3.5)	38.1

(a) Non-recurring items relate to the items charged or credited to operating profit as set out in note 5.

(b) Amortisation of the Group's intangible assets and amortisation included in share of results of associates.

(c) Pension finance charge and pension administrative expenses relating to the defined benefit pension schemes as set out in note 13.

(d) Restructuring charges in respect of cost reduction measures as set out in note 14.

(e) Impact of the translation of foreign currency borrowings and fair value changes on derivative financial instruments as set out in note 7.

(f) Tax items relate to the impact of tax legislation changes due to the change in the future corporation tax rate on the opening deferred tax position as set out in note 8.

17. Like for like revenue

	27 weeks ended 3 July 2016 (reported) £m	(a) £m	(b) £m	(c) £m	26 weeks ended 3 July 2016 (like for like) £m

Publishing Print	305.8	(8.9)	(0.1)	(7.4)	289.4
Circulation	161.7	(5.8)	-	(0.4)	155.5
Advertising	127.2	(2.6)	-	(6.9)	117.7
Other	16.9	(0.5)	(0.1)	(0.1)	16.2
Publishing Digital	39.7	(0.6)	-	-	39.1
Display and transactional	28.1	(0.3)	-	-	27.8
Classified	11.6	(0.3)	-	-	11.3
Printing	19.5	(0.6)	(1.3)	-	17.6
Specialist Digital	7.7	-	(2.9)	-	4.8
Central	2.0	-	-	-	2.0
Total revenue	374.7	(10.1)	(4.3)	(7.4)	352.9

(a) Extra week of trading in the first half of 2016

(b) Independent print and distribution contract which ceased in April 2016 and Rippleffect which was sold in August 2016

18. Contingent liabilities

There is potential for further liabilities to arise from the outcome or resolution of the ongoing historical legal issues. Due to the present uncertainty in respect of the nature, timing or measurement of any such liabilities it is too soon to be able to reliably estimate how these matters will proceed and their financial impact.

INDEPENDENT REVIEW REPORT TO TRINITY MIRROR PLC

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 2 July 2017 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated cash flow statement, the consolidated balance sheet and related notes 1 to 18. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 2 July 2017 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Deloitte LLP

Statutory Auditor

London, United Kingdom

31 July 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

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