Pay for Trinity Mirror chief exec Simon Fox rises to £2.3m as profit falls £16.4m

Regional and national newspaper publisher Trinity Mirror has announced operating profit down £16.4m to £82.2m for 2015 on  turnover down £44.6m to £592.7m.
 
Chief executive Simon Fox saw total pay and benefits for the year rise to £2,349,000, compared with £1,678,000 in 2014. His salary was flat year on year at £499,000 but he received £1,620,000 from a long-term incentive plan.
 
The group reported that in December 2015 its total monthly website unique users (excluding the newly-acquired Local World titles) total was 100 million.
 
Digital revenue rose £10.4m for the year to £42.8m. But revenue from print still provides the vast majority of income and it fell from £521.6m to £458.9m.
 
The company made a provision £29m last year for the cost of dealing with civil claims arising from the widespread past use of phone-hacking at its national titles. A charge of £12m was made for phone-hacking in 2014.
 
Some £20m was cut from costs last year, £10m ahead of budget. Trinity Mirror plans to cut £12m from Local World's costs through synergies. A target of £20m has been set for cost savings this year.
 
In November Trinity Mirror completed a deal to buy the 80 per cent off Local World which it did not already own. There was a clause enabling it to sell the Cambridge News and sister weekly titles back to Iliffe News and Media for £15.8m. Trinity has instead decided to hang on to these titles and pay a £2m break fee.
 
Read the Trinity Mirror annual report for 2015.
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