Profits for Trinity Mirror’s regional division in 2004 were up almost 25 per cent to £150.6m, according to figures released today.

The figure is due to a combination of a range of revenue initiatives and the continued tight management of costs, the company said.

A strong performance for core regional newspaper titles was supported by the group’s three Metros and by digital media activities.

Excluding the extra week’s trading that occured last year, profits for the regionals division, excluding exceptional items, were up 22.3 per cent to £147.7m.

The Metros achieved a £1.1m improvement in operating profits to £1.3m, while digital media made a profit of £0.7m, an improvement of £4.5m on the £3.8m loss in 2003.

The group as a whole made a profit of £253.1m (excluding exceptional items), up 20.9 per cent on last year. Excluding the extra week’s trading that occured last year, profits increased by 16.6 per cent to £244.2m.

Trinity Mirror also made £23m of cost savings. The group was “on track” to deliver a minimum of £7m incremental net cost savings in 2005, contributing to net annual cost savings of at least £35m for 2005.

Comenting on the group’s performance as a whole, chief executive Sly Bailey said: “The results represent the effect of the first full year of our performance based strategy Stabilise Revitalise Grow.

“They are also a testament to the highly motivated and talented people who make up Trinity Mirror and have refocused and reprioritised their efforts.

“This is absolutely a team effort and together we have delivered all of the financial targets we promised.”

The results statement explained there was an increased focus on driving top-line revenues, in the core business and from developing new activities. It highlighted examples across the group, including the creation of new standard advertising platforms for the regional titles, the growth in digital revenues, increased revenue from the Metro titles, and the launch of The One Directory in Scotland.

Consolidation meant that from 12 print sites and 41 printing presses in 2003, the group has now operated from nine print sites and has reduced the number of printing presses to 37.

Chairman Sir Victor Blank said: “We are in good shape both operationally and financially. The management team is focused on growth, both organically from within our existing businesses, and by reviewing the opportunities for acquisition.

“We have both the talent and resources to achieve this and in returning capital to shareholders, we will not be inhibiting our plans for growth.”

During the year the regionals division suffered circulation declines of 5.6 per cent for evening titles, two per cent for morning titles, two per cent for weekly titles and 8.7 per cent for Sunday titles.

The report said: “Improving this circulation performance remains a key area of focus for management.”

Advertising revenue for the regionals division increased by six per cent from £394m to £417.8m.

Circulation revenue increased by six per cent from £76.1m to £80.7m.

After announcing what is the biggest profit for four years, the company also stated its intention to buy back £250m of its shares over three years, beginning this year.