Trinity Mirror posts 'satisfactory' results

Newspaper group Trinity Mirror today said the volatile advertising conditions seen in 2002 had continued into the first two months of this year.

The group, which employs 12,000 staff and produces more than 250 titles, achieved a “robust” performance last year with operating profits before exceptional items marginally ahead at £190.6m (€279.9m).

That was despite a 2.9% fall in overall revenues to £1.09bn (€1.6bn) as the advertising performance of national titles came under pressure, particularly during the first half of the financial year.

The company has offset the revenue fall with cost-cutting measures and said today it remained on course for a “satisfactory performance” in 2003 despite limited visibility for trading conditions.

Today’s results presentation was the first as chief executive by Sly Bailey, who recently joined the company from IPC Media.

She plans to review the business and report back to shareholders at the time of Trinity Mirror’s interim results in July.

Ms Bailey said: “The Trinity Mirror businesses have tremendous potential. My job is to unlock this potential and position the business to deliver enhanced shareholder value. I will be reporting back on my plans in due course.”