Trinity Mirror’s advertising slump of between 12 and 14 per cent in May and June was the worst since the aftermath of the terror attacks of 11 September 2001 according to The Times. The news led shares in publisher to slump by 42.5p to 109p yesterday – a 28 per cent one-day fall.
Though chief executive Sly Bailey is confident that Trinity won’t be the last to report such figures, with Newsquest’s US owner Gannett already having reported a 14.7 per cent ad revenue drop in May.
The Times business editor David Wighton says it’s too late to “talk ourselves into a downturn”. “It looks suspiciously like we are already there”.