Newspaper publisher warns of challenging and fragile economic environment
Trinity Mirror has reported a 10% fall in advertising revenue in the year to 1 May and warned of the continuing challenging and fragile economic environment facing newspaper publishers.
Trinity Mirror said advertising revenue at its national newspaper division, which publishes titles including the Daily Mirror and the People, fell by 9% year on year.
Ad revenue was down by 10% year on year at Trinity's regional newspaper operation, excluding the impact of Manchester Evening News publisher GMG Regional Media, which Trinity Mirror acquired last March.
The company's share price fell 3.38%, or 1.75p, to 50p in early trading on Thursday following the trading update announcement.
Trinity Mirror said circulation revenues at the national operation fell 5% year on year, although the publisher said it was "encouraged by the improved circulation volume performance with year-on-year volumes performance for most titles being in line or ahead of market trends". Total digital revenues at the national operation fell 9%, although digital ad revenues rose 13%.
Within the 10% advertising fall recorded at the regional operation display advertising dipped 5% and classified advertising was down 14%. Overall recruitment advertising has declined by 22%, although within this digital revenues have increased 6%. Circulation revenues fell 6% and digital revenues grew 3%.
Including the revenues from GMG Regional Media, ad revenue increased by 1% and circulation revenue fell 3%.
The rate of decline is similar to that reported by fellow regional publisher Johnston Press ? down 10.6% year on year in the 18 weeks to 7 May ? although the owner of the Scotsman said that the second quarter decline had slowed to 7.8%.
Trinity Mirror said net debt increased by �20m over the period, to �286m, although it is expected to fall over the remainder of the year. The publisher also increased its savings target for 2011 by �5m to �15m.
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Source: http://www.guardian.co.uk/media/2011/may/12/trinity-mirror-ad-revenue
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