Trinity Mirror reports 2013 profit rise from cost savings amid fall in revenue

Trinity Mirror has reported a 2.6 per cent rise in pre-tax profits for 2013 to £101.3m, despite revenue falling 6 per cent over the same period to £663.8m.

The group said "tight cost management" helped profits grow and that there were signs of revenue beginning to improve towards the end of last year.

However, it said the first two months of 2014 have seen revenue decline 3 per cent, however, despite strong growth in digital.

The publisher said monthly unique users across its network of websites grew by 58.9 per cent over the year, with page views up 66.3 per cent and digital advertising revenue up 30.1 per cent.

On the digital side, the publisher said: "We now have the basics in place we will continue to make significant improvements to usability and content across desktop, mobile and tablets in order to drive both digital audience and revenue."

Trinity Mirror chief executive Simon Fox said: "Strong print and digital revenue trends at the end of 2013 enabled us to finish the year ahead of expectations.

"It is clear to me that our strategy for growth, which I outlined in March last year, is gaining momentum. I am particularly pleased with our rapidly growing digital audience and with the benefits we are driving in harnessing the combined strength of our national and regional titles.

"I look forward to making further progress with our strategic objectives during 2014."

Trinity Mirror said it would continue its "relentless focus on efficiency and cost management through the use of technology to simplify, centralise or outsource those processes which are non-consumer facing".
 
It delivered £12m of structural costs savings in 2013, £2m ahead of the £10m target that was set at the beginning of the year.

Net debt was cut to £97m and Trinity Mirror said it expected to repay another £44.2m this summer.

Trinity Mirror also gave details about the profitability of Local World, in which it owns a 20 per cent stake. Trinity's share of first-year profits amounted to £5.1 million.
 
Local World chief executive David Montgomery said: "Local World has delivered a strong profit and cash-flow performance and our revenues were in line with expectations. We will provide more detail in May when our accounts have been audited."
 

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