Trinity Mirror PLC
11 December 2003
Thursday 11th December 2003
TRINITY MIRROR PLC
PRE CLOSE TRADING UPDATE
52 week period ending 28 December 2003
Trinity Mirror plc is today issuing a trading update in respect of the second
half of the 52 week financial period ending 28th December 2003. This statement
is being issued ahead of the Company's preliminary results on 26th February
2004.
Overall the Group continues to trade in line with the Board's expectations for
the year with improved advertising revenues for our Regionals division
offsetting a weaker advertising performance from our Nationals division in the
second half.
Advertising revenues
Whilst advertising conditions for our Regional newspaper titles have shown signs
of stabilisation during the past five months, conditions for our National titles
continue to be difficult and volatile. Group advertising revenues for the 5
months to November 2003 increased by 1.0% year on year.
The Regionals division (incorporating Digital Media and Metros) achieved
advertising revenue growth of 3.9% year on year for the period. Excluding
Digital Media and Metros, advertising revenues for the Regional newspaper titles
increased by 3.0% year on year. This was despite advertising revenue falling by
0.7 % year on year in the same period for our Regional newspaper titles in
London and the South East. Our Regional Newspaper titles excluding Metro's and
our titles in London and South East increased advertising revenues by 4.3%.
For our Regional newspaper titles all categories achieved year on year growth
with the exception of Motors which declined by 2.2% for the period. Recruitment
revenues increased by 1.4% year on year for the period representing an increase
of 5.5% for our regional newspaper titles outside London and the South East
which was offset by an 11.3% fall in London and the South East. Whilst the South
continues to experience year on year declines in recruitment advertising, an
improving trend has emerged in the last three months with year on year declines
of 15.6% for September, 8.7% for October and 6.7% for November.
Advertising revenues for the Group's Nationals division fell by 5.7% year on
year for the period, with declines of 5.7% and 5.5% for our UK national titles
and Scottish national titles respectively.
Circulation
Group circulation revenues for the period July to November 2003 increased by
4.7% year on year for the 5 months to November 2003.
Circulation revenues for the Regional newspaper titles increased by 2.1% year on
year for the period, with cover price increases offsetting volume declines.
Circulation revenues for the Nationals division increased by 5.2% year on year
for the period. This reflects the benefits of restoring the cover price of the
Daily Mirror to 32p outside Scotland partially offset by reduced circulation
volumes. Circulation revenues for the UK national titles increased by 6.6% and
for the Scottish national titles by 0.1% during the period.
Outlook
Our strategy 'Stabilise Revitalise Grow' is on course and the Board is confident
that, despite the adverse effects of continued volatility in the advertising
market for our National titles, performance for the year will be at least in
line with expectations.
•all advertising and circulation results of the regional newspaper titles
are shown on a like for like basis excluding the results of Post
Publications Limited and Ethnic Media Group Limited which were disposed of
in June 2002, Channel One which was closed down in November 2002 and
Wheatley Dyson which was sold in February 2003.
Enquiries:
Trinity Mirror plc 020 7293 3000
Vijay Vaghela, Group Finance Director
Nick Fullagar, Director of Corporate Communications
Finsbury 020 7251 3801
Rupert Younger
James Leviton
This information is provided by RNS
The company news service from the London Stock Exchange
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