The Week: City News - Trinity Mirror profits down

Trinity Mirror, the publisher of the Daily Mirror, has reported a pre-tax loss of £73.5 million for the year to 28 December.

Revenues fell by £100 million over the year to £871.7 million. While a decline in ad revenues was partly behind the reported loss, an adjustment in the valuation of its regional titles in the Midlands and the South was the main reason, resulting in a one-off charge of £226.3 million. Adjusted earnings showed pre-tax profits of £124.2 million, down from £191 million in 2007. Trinity said that ad revenues in the first two months of 2009 had fallen 30 per cent.