Mirror publisher confident on profits

Newspaper publisher Trinity Mirror said today it remained confident of meeting profits expectations, despite continued volatility in advertising conditions.

The company, which owns national newspapers including the Daily Mirror and around 240 regional titles, has seen a slowing in the rate of decline for advertising sales, with revenues for the 26 weeks to July 1 expected to be down by 1.5%.

In a trading update, the company said: “Whilst the advertising environment remains volatile from month to month, we continue to see improved stability in our advertising markets as the rate of decline slows.

“The board continues to have confidence that our 2007 performance will be in line with expectations.”

Trinity also reported progress on the disposal of some of its regional titles and the Racing Post. The company is said to be in talks with a group of Irish investors over a £190 million sale of the Racing Post.

In its statement, Trinity said: “We continue to make progress on the disposal of the sports division and our regional businesses in the Midlands, London and the South East.

“The first of these disposals is likely to be announced in the coming weeks, with the process completed in the third quarter.”