Trading Update

RNS Number : 9288C

Trinity Mirror PLC

01 July 2016

 

 

1 July 2016

Trinity Mirror PLC

Trading Update

Trinity Mirror plc is issuing a trading update for the 27 week period from 28 December 2015 to 3 July 2016 ahead of its 2016 interim results announcement on 1 August 2016.

Outlook

The Board anticipates that our interim results will be in line with our expectations with continued strong cash generation over the period enabling a further fall in net debt.

For the remainder of the year we will remain focused on the delivery of our strategy. We will continue to invest in digital growth and take the necessary mitigating actions to support profits given the increased uncertainty arising from the outcome of the UK's referendum on EU membership.

Revenue trends*

Group revenue fell by 8% on a like for like** basis over the period with a 9% decline in the first quarter and a 7% decline in the second quarter.

Publishing revenue fell by 8%, with print declining by 10% (12% decline in the first quarter and a 9% decline in the second quarter) and digital growing by 14% (15% growth in the first quarter and 14% growth in the second quarter). Publishing print advertising and circulation revenue fell by 17% and 5% respectively over the period. In the second quarter print advertising and circulation revenue fell by 14% and 5% respectively. We continue to deliver strong growth in digital audience.

Enquiries

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

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.

* Revenue trends reflect the expected performance for the period as there remains three days of trading (1 July 2016 to 3 July 2016) at the time of releasing this trading update.

**Like for like assumes Local World was owned from the beginning of 2015 and excludes revenue from the Independent print and distribution contract which ceased in April 2016 and compares the 27 weeks to 3 July 2016 with the 27 weeks to 5 July 2015. 2016 will be a 53 week period and the additional weeks trading is included in the first half of the year.

 

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