Trinity Mirror PLC Trading Update (4241J)
December 17 2015 - 5:44AM
UK Regulatory
TIDMTNI
RNS Number : 4241J
Trinity Mirror PLC
17 December 2015
17 December 2015
Trinity Mirror plc
Trading Update
The Group completed the acquisition of Local World Holdings
Limited ('Local World') on 13 November 2015 and since that time the
business has traded in-line with our expectations. We have
commenced numerous integration initiatives, but given the short
period over which Local World has been under our ownership, this
update focuses on the trading performance for the Group excluding
Local World.
The Board now expects performance* for the year to be marginally
ahead of expectations.
While the trading environment remains volatile, revenue for the
fourth quarter (13 weeks to 27 December 2015) is expected to be
in-line with the third quarter, down 9% year on year. Underlying
revenue** is also expected to be in-line with the third quarter,
down 7% year on year. Publishing revenue is expected to fall by 7%
with print declining by 8% and digital growing by 12%.
We continue to deliver strong growth in our digital audience***
with average monthly unique users and page views growing year on
year by 18% and 26% respectively for October and November.
Underlying circulation and print advertising revenue in the
fourth quarter is expected to fall by 4% and 16% respectively on
the prior year with circulation revenue trends marginally better
than the third quarter and advertising revenue trends in-line with
the third quarter.
We are making good progress against our strategic initiatives
and the business continues to deliver strong cash flows and will
deliver the targeted structural cost savings of GBP20 million for
the year.
Enquiries
Trinity Mirror
Simon Fox, Chief Executive 020 7293 3553
Vijay Vaghela, Group Finance Director 020 7293 3553
Brunswick
Mike Smith, Partner 020 7404 5959
Jon Drage, Director 020 7404 5959
The statement on future performance is given as at the date of
this announcement and is subject to a number of risks and
uncertainties and actual results and events could differ materially
from those currently being anticipated as reflected in the
statement. The Company undertakes no obligation to update this
forward-looking statement.
*On an adjusted basis excluding non-recurring items,
restructuring charges in respect of cost reduction measures, the
amortisation of intangible assets, the retranslation of foreign
currency borrowings, the impact of fair value changes on derivative
financial instruments, the pension finance charge and the pension
administrative expenses.
**Underlying trends exclude revenues for titles closures in the
South and the newsprint supply to the Independent and i which
ceased at the end of 2014. In 2014 the revenue generated by the
titles closed in the South was GBP4.5 million and from newsprint
supply to the Independent and i was GBP11.1 million.
***Average monthly unique users and page views, excluding Local
World, for the Publishing division across web, mobile and apps for
October and November 2015 versus October and November 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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