Britain's biggest newspaper publisher has issued a trading update which paints a grim picture of the current advertising market.
Trinity Mirror reports that group advertising revenue for the first six months of the year is expected to be 10.6 per cent down year-on-year when the half-year figures are announced.
Advertising revenue in the regional newspapers division is expected to be down 9.7 per cent – with a 21 per cent drop in recruitment advertising accounting for much of the dip. All sectors are down, with the exception of property, up 1.9 per cent.
The picture is worse in the nationals division – which includes the Daily Mirror, Sunday Mirror and People – where advertising revenue is expected to be down 12.1 per cent.
At the Racing Post ad revenue is expected to be down 16 per cent – possibly reflecting competition from new daily sports betting paper The Sportsman.
Circulation wise there is expected to be good news in the regional newspapers division – with revenue up 1.4 per cent. But circulation revenue is expected to be down 1.4 per cent in the national division.
The company states: "As highlighted at the AGM, the advertising environment remains weak and management continue to run the business on the assumption that this will continue for the remainder of the year."