Strong first year for Sly Bailey as Trinity Mirror boosts profit

Trinity Mirror, the publisher of the Daily Mirror and The People, had a solid first year under the chief executive, Sly Bailey.

The national and regional newspaper publisher posted an 11 per cent rise in full-year pre-tax profits to £172.5 million on the back of stable turnover, up 1.2 per cent to £1.1 billion.

Trinity Mirror's results included £50 million of cost savings, achieved as part of Bailey's "stabilise revitalise grow" strategy.

The newspaper group also announced a 3p rise in the Mirror's cover price to 35p, and the launch of a celebrity-driven magazine called 3am to be distributed free with the Mirror each Wednesday. The company will also create a magazine unit to publish its newspaper supplements.

Regional titles continued to contribute a greater amount of profit than Trinity Mirror's national division. Total national newspaper ad revenue was down 2.1 per cent to £190.1 million, reflecting a fall in ad revenues on its Scottish titles. However, display advertising on its UK nationals was up by 3.4 per cent.

Bailey said: "The changes made this year have delivered a performance ahead of expectations. 2003 represents the best year-on-year profit improvement since the merger in 1999."

- Forum, p8.


Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus