Trinity Mirror says it is closing in on deal to buy Express titles as trading update shows slight improvement

Trinity Mirror is closing in on the purchase of Express Newspapers publisher Northern and Shell from Richard Desmond.

It said this morning that “the group continues to make progress on discussions to acquire 100 per cent of the publishing assets of Northern and Shell”.

In a trading update it said group revenue on a like for like basis (excluding discontinued businesses) fell 8 per cent year on year, a slight improvement on the 9 per cent decline in the first half.

It remains on course to cut £20m of costs over the course of the year.
Net debt fell by £3m to £19m in the period, it said.

Trinity said: “We are experiencing improving trends in nationally sourced print advertising revenues, though local advertising, particularly classified remain challenging and volatile.”

Across the board print revenue fell 10 per cent while the smaller digital segment grew by 4 per cent.

Print advertising was down 16 per cent and circulation revenue fell 7 per cent.

Trinity Mirror is the UK’s largest regional newspaper publisher and also publishes the Mirror and People titles and the Daily Record and Sunday Mail in Scotland.

In the first half of this year Trinity Mirror reported revenue down £55m to £320m and adjusted operating profit down £6.5m year-on-year to £62.6m.

Comments

2 thoughts on “Trinity Mirror says it is closing in on deal to buy Express titles as trading update shows slight improvement”

  1. I am puzzled. Trinity Mirror’s publishes the Mirror, Sunday Mirror and People. They support Labour and, despite their many flaws, show that tabloids do not have to be xenophobic, mean spirited etc. In Scotland the company publishes the Sunday Mail, known for its campaigning journalism, and the Daily Record. Both support Labour.

    The Express and Sunday Express have always been right wing, in the sense of being nationalistic as well as patriotic, and Conservative with big C. Under Desmond, however, both papers have become frothing, rabid and generally unpleasant. They appeal to the worst instincts of their ageing C/D audience. They make the Mail look liberal and intelligent. They are the British tabloid equivalent of a Bible belt, Trump supporting radio station in the States.

    Will Trinity try to turn the Expresses into newspapers again? If so, the readers will stop buying them.

    Maybe I have missed the point but the purchase makes no sense.

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