Mirror group profits slump

The publisher of the Daily Mirror reported a 75% slump in annual profits today as it revealed a £12 million hit from the launch of rival The Sun on Sunday and more than £1 million in costs from the Leveson inquiry.

Trinity Mirror posted pre-tax profits of £18.9 million and said revenues fell £54.2 million to £706.5 million in the year to December 30, with nearly a quarter of the decline caused by competition from Rupert Murdoch’s new Sunday tabloid.