Trinity Mirror profit up after Local World acquisition
Trinity Mirror, the UK's largest local newspaper group, reported a jump in full-year profit and revenue, thanks in part to its acquisition of Local World.
For the 53 weeks to 1 January 2017, adjusted pre-tax profit rose to £133.2m from £107.5m the year before, on revenue of £713m, up from £592.7m.
The company attributed the increase in revenue to the benefit of the acquisition of Local World back in November 2015 and an additional week of trading in 2016, which was partly offset by the cessation of the Independent print and distribution contract in April 2016 and the sale of Rippleffect in August 2016.
The Local World acquisition also helped to offset losses at the New Day, which was killed off less than three months after launch.
Print advertising revenue declined 17.9% on a like-for-like basis.
Sales of the Daily Mirror fell by 10.8% compared to a 5.1% drop for the UK national daily tabloid market. The Sunday Mirror and Sunday People volumes declined by 14.7% and 14.1%, respectively, in a UK national Sunday tabloid market that fell by 6.6%.
Meanwhile, the Daily Record was down 11.5% against an overall Scottish daily tabloid market decline of 7.9% and the Sunday Mail was down 13.9% against an overall Scottish Sunday tabloid market decline of 10.0%.
Chief executive Simon Fox said: "We have delivered a strong financial performance in the year despite the challenging environment we face. I am particularly pleased with the progress we have made in growing our digital audience and revenue, and with the work we have done this year to develop and refine our strategic priorities for the year ahead."
At 1056 GMT, the shares were down 5.2% to 113.05p.