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Union hits out at publisher’s pay offer after latest financial results

Martin Shipton 1Union chiefs have hit out at the offer of a 1pc pay rise for Trinity Mirror journalists following the release of the company’s latest financial results.

The publisher announced  a 14.6pc drop in revenues during the first half of 2017 in its half-yearly financial report yesterday.

However despite the £54m reduction in revenues, the company still managed to post a profit of £62.6m as well as reducing its net debt to £22.4m.

The National Union  of Journalists has accused the company of “clinging to the same relentless cuts agenda” despite the reduction in debt.

Martin Shipton, pictured above left, NUJ Trinity Mirror Group Chapel FoC, said: “It is almost beyond belief that while posting a profit margin verging on 20per cent, Trinity Mirror expects its loyal and hardworking employees to accept a real terms pay cut.

“Following the decision in May to increase the chief executive officer’s potential bonus, the group is demonstrating where its priorities lie. We shall be redoubling our efforts to secure a fair outcome for our members.”

Chris Morley, NUJ Trinity Mirror group coordinator, added: “It is disappointing that while Trinity Mirror has as good as wiped out its debt, it still clings to the same relentless cuts agenda that has failed to come good in the last ten years.

“It is worrying that as it boosts its interim dividend pay-out for shareholders to 7.1 per cent, the company trumpets that it has now expects to achieve £20m cost cuts this year – a full £5 million more than was planned.

“With that comes a £15m restructuring charge, money that could be better spent addressing its stated strategic vision ‘that quality content will remain at the heart of our business.'”

Trinity Mirror has declined to comment.

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