Trinity Mirror’s MEN makes operating profit

Trinity Mirror-owned Manchester Evening News (MEN) and its sister titles totalled £2.7m in operating profit in three months, according to the company's financial figures

The regional titles, which Trinity Mirror acquired from the Guardian Media Group in March, have so far totalled revenues of £18.2m, with an operating profit of £2.7m. Overall, the group revealed that the company was still dealing with a "fragile economy" and "volatile trading conditions", which affected its advertising revenue.

Sly Bailey, chief executive of Trinity Mirror, said she was "cautious" but "confident of delivering a robust performance for the full year, driven by stabilising revenues and continued cost efficiencies”. The group’s pre-tax profits increased year-on-year from £31.3m to £50.4m in the 26 weeks to 4 July, while its revenues dipped during the period, from £383m to £382.2m.

Ad revenues at Trinity Mirror's national division, which publishes the Daily Mirror and The People, were up 2.2%, from £64.4m to £65.8m, while revenues dropped from £227.6m to £219.8m. Excluding GMG regional media, the regional division’s revenues declined from £139.2m to £129m, with its digital revenues also dipping from £16.2m to £15.2m.

Bailey said: "We have continued to invest in the business through the downturn, in strengthening the portfolio and delivering IT led efficiencies, in addition to maintaining a keen focus on costs. We are now reaping the benefits of these actions, with profits increasing and slowing rates of decline in underlying revenues."

Source: Media Week

Published on: 29/07/2010 17:14:00