Regional publisher Trinity Mirror says it remains “on track” to deliver £20m of cost savings by the end of the year.
In a third quarter trading update issued today the company also revealed it had seen a “strong growth” in its digital audience, with average monthly unique users and page views growing by 31pc and 48pc respectively.
Publishing digital revenue grew by 24pc with publishing digital display advertising revenue growing by 33pc.
The company added revenue trends had seen some improvement in the 13 weeks to 27 September, despite a “volatile” trading environment.
Revenue fell by 9pc in the third quarter against a 13pc decline in the second quarter.
On an underlying basis, publishing revenue fell by 6pc with print declining by 8pc and digital growing by 24pc.
In its second quarter trading update, Trinity Mirror revealed it was increasing its cost reduction targets by an additional £10m in 2015, making an overall figure of £20m.
In a statement, the company added: “We have seen an improvement in trends with underlying circulation and print advertising revenue for the Publishing division falling by 5pc and 16oc respectively in the third quarter.
“This compares to underlying declines in circulation and print advertising revenues of 5pc and 23pc respectively in the second quarter.
“We continue to make good progress against our strategic initiatives and the business continues to deliver strong cash flows and remains on track to deliver structural cost savings of £20m for the year.”
Sign up for our free daily email bulletin
Follow HTFP on Twitter
Got a story? Email the Editor at
Sorry, is this the company in advanced negotiations to buy out all the shares in Local World, a profitable and streamlined operation that doesn’t need £20m of cost savings? I think we should be told something by someone.
Report this comment
How many redundancies does £20m of cost savings equatet to?
Report this comment
Closed offices – wahey!
Report this comment
Publishing digital revenue grew by 24pc with publishing digital display advertising revenue growing by 33pc.
From what to what? The figures are totally meaningless.
Revenue growth means nothing as it does not relate to costs.
Any fool can grow my revenue by 100 per cent a month, but if I am still losing millions of pounds a month because my costs are high then its still not a profitable business.
Did they, for example, generate enough web revenue to actually pay the salaries and costs of those people selling it?
Report this comment
You can keep asking the questions: the company isn’t going to answer them. And TM is no longer a big enough fish to attract the interests of the few good business investigation journalists left. The figures tell us nothing. Just PR spin prepared and released to coincide with the trading statement update.
Report this comment
Cynic: I have penetrated this organisation in the manner of a John le Carre mole and can report that (conveniently) the figures are from £100 to £124, and £100 to £133, respectively. Now you know this I would recommend your retirement to a safe house to await further instructions.
Report this comment
“Trinity Mirror revealed it was increasing its cost reduction targets by an additional £10m in 2015, making an overall figure of £20m.”
Have I read that right? TMs savings are to double for the year, with the existing savings programme expanding for the last quarter?
£10m to £20m is a hell of a change, let alone to do it in three months.
Report this comment
I have to echo everything that Cynic says and point to the only relevant line in the story which is that “Revenue fell by 9pc in the third quarter…”
Report this comment
I apologise for going on here but does anyone genuinely know why this collapsing house of cards and cads wants or needs Local World? I can state with confidence Local World doesn’t need it, though boss David Montgomery stands to trouser £10m from any deal, with the other shareholders proportionately remunerated. Perhaps I answer my own question.
Report this comment
Probably doesn’t like the competition I.e local world.
Report this comment
Is that the hum of buzzing phone lines between mid ranking TM/LW management types, jockeying for pole position before the big putsch?
Report this comment
Acquiring Local World would allow TM to mix and match parts of the extended business, providing wider scope for “synergies” and cost-cutting. They have run out of opportunities to do this. It also sends out positive messages to the City. Like going to the bank manager to sort out your overdraft and loan. Neither of you might be too happy to start with but you both leave the meeting smiling and shaking hands – having agreed yet another credit extension.
Report this comment
Eyebrox: Yep, thanks for that. Livelihoods to go for the sake of shareholders’ returns and City fund managers’ portfolios. That’s the spirit. As you were, troops, or not, as the case may be.
Report this comment