Trading Update

RNS Number : 4118M

Trinity Mirror PLC

07 May 2015

 



7 May 2015

Trinity Mirror plc

Trading Update

Trinity Mirror plc is issuing a trading update ahead of the 2015 Annual General Meeting later today.

The Board continues to expect performance for the year to be in line with expectations.

During the first four months of 2015, revenue trends have been similar to those experienced at the end of 2014. Reported revenue fell by 10% year on year with underlying* revenue falling by 8%. On an underlying basis Publishing revenue fell by 8%, with print declining by 10% and digital growing by 29%.

We continue to deliver strong growth in our digital audience** with average monthly unique users and page views growing by 55% and 51% respectively. Publishing print revenue trends have been adversely impacted by the absence of a cover price increase for the Daily Mirror Monday to Friday edition, which has contributed to circulation revenue falling by 6%. Print advertising markets have remained challenging with underlying print advertising revenue falling by 14% driven by similar trends to those experienced at the end of 2014.

The business continues to deliver strong cash flows and had a net cash position of £20 million at the end of April as compared to net debt of £19 million at the 2014 year end. The £39 million net cash inflow during the period includes the benefit of dividends from our associated undertakings, £12 million from Local World and £4 million from Press Association.

Enquiries

Trinity Mirror
Simon Fox, Chief Executive	020 7293 3553
Vijay Vaghela, Group Finance Director	020 7293 3553
Brunswick
Mike Smith, Partner	020 7404 5959
Jon Drage, Director	020 7404 5959

The statement on future performance is given as at the date of this announcement and is subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in the statement. The Company undertakes no obligation to update this forward-looking statement.

*Underlying trends exclude revenues for titles closures in the South and the newsprint supply to the Independent and i which ceased at the end of 2014. In 2014 the revenue generated by the titles closed in the South was £4.5 million and from newsprint supply to the Independent and i was £11.1 million.

**Average monthly unique users and page views for the Publishing division across web, mobile and apps for January to April 2015 versus January to April 2014.

 

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