Revenues at Trinity Mirror have dropped by more than £50m in the past year, according to the company’s half-yearly financial report.
The regional publisher revealed it made £320m during the first half of 2017, compared to £374.7m for the corresponding period last year – a drop of 14.6pc.
According to the report, the company made structural cost savings of £10m during the last six months “ahead of target”, and has now increased the amount of savings it plans to make by the end of 2017 from £15m to £20m.
The £10m cost savings included those resulting from the ongoing integration of the former Local World business which was bought by TM for £220m at the end of 2015.
It says the three platforms achieved 4.2m monthly browsers and 14m page views between them in June 2017, up on the 3m monthly browsers and 8.7m page views in December 2016.
It also announced that Football.London, which was set up in June 2017 to cover the capital’s biggest football clubs, secured 1.8m monthly browsers and 5.5m page views in June 2017.
Digital revenues grew by 5.9pc over the first half of the year to £41.4m, with average monthly page views growing by 9.4pc to almost 680m.
Simon Fox, pictured above left, chief executive of Trinity Mirror, said: “Whilst the trading environment for print in the first half was volatile, we remain on course to meet expectations for the year.
“I continue to anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”
The report also revealed that the company’s chairman David Grigson has also indicated his intention to step down from its board of directors during the next calendar year, by which time he will have completed two three-year terms in office.