Trinity Mirror says revenue down 10 per cent year on year but rate of decline slowing

Trinity Mirror's revenue for the first four months of the year fell by 10 per cent compared to the same period in 2013.

But in a statement to the stock market, the group revealed that the rate of decline is slowing. There was a 13 per cent fall year-on-year revenue fall from January to February followed by a 7 per cent drop in March and April.

That recovery was strongest in circulation revenue. In January and February, circulation revenue was 13 per cent below last year, but this figure came down to a 3 per cent drop in March and April.

The group said the improvement reflected “the benefit of cover price  increases and strong circulation volume performance.”

It added: “Revenue trends have improved over the 17-week period, despite the trading environment remaining challenging. We continue to expect an improvement in the rate of decline in revenues as we progress through the year as the benefit of our strategic initiatives start to take effect.”

The company has also reduced its net debt since the turn of the year by £25 million from £157 million to £132 million.

It said it was “on track” to deliver savings of £10 million in 2013, while its restructuring costs for the year are also expected to total £10 million.

Trinity Mirror also confirmed that it has applied to have two civil claims against it over alleged phone-hacking struck out by the courts.

The application was made on the basis of the claims from former footballer Garry Flitcroft and the former nanny for David and Victoria Beckham Abbie Gibson “having no reasonable prospect of success”. It also said the basis of two further claims has been challenged – these are being brought by actress Shobna Gulat and former England football manager Sven-Goran Eriksson.

At today’s meeting, the National Union of Journalists will deliver a letter to shareholders calling for an end to editorial job cuts and more clarity around the difference between executive pay and remuneration for reporters.

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