Trinity Mirror has announced profits of £172.5m for the year ending December 2003.

The figure compares with £155.5m the previous year, an increase of almost 11 per cent.

The company owns the Daily Mirror, Sunday Mirror and People, as well as more than 240 regional titles, including the Liverpool Post & Echo, Newcastle Chronicle and Journal, and Birmingham Post & Mail, with operating profit from the regionals increasing from £112.4m to £123.9m – around 10 per cent.

A statement from Trinity Mirror said its regionals business was “strong with robust, market leading positions in many of the UK’s most important metropolitan markets”.

The ‘from Biggest to Best’ reorganisation had delivered an improved performance.

But chief executive Sly Bailey warned: “The division has significant scope for further improvement in revenue, profit and margin, to be achieved through tighter and more focused management and an acceleration in the pace of change.”

A transformation of Stabilise, revitalise and grow would bring benefits including delivering better performance from individual brands and businesses whilst increasing the value of the group as a whole, she said.

The group now plans to make a revised total of £30m cost savings in 2005, following on from £4m in 2003 and £18m in 2004.

The disposal of the regional newspaper titles in Ireland was completed last month achieving gross sale proceeds of £46.3m.

The group’s two Midlands print sites are already being consolidated in a single print site in Birmingham. The new site will provide full colour capabilities for the Midlands titles and will have the capacity to print other group titles.

Sly’s report said: “We are currently reviewing our options in relation to Scotland where we operate two print sites. There are likely to be greater opportunities for collaboration and integration here.”

Group chairman Sir Victor Blank said: “Our 2003 figures represent the results of less than a full year’s efforts by our new management team.

“They mark the first tangible signs of achievement in businesses that have drive, fresh thinking and renewed commitment.

“We are very pleased to have been able to achieve this transformation while simultaneously driving improved performance and delivery.”

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