Trinity Mirror has recorded a drop in revenue of 4.8% to £1,032.1 million, with the company blaming the difficult advertising environment.
The group’s preliminary results for 2006 show that its national newspaper division, which includes the Daily Mirror, saw revenues fell 5.3% to £472.4 million.
Commenting on the results, Sly Bailey, chief executive of Trinity Mirror plc said: We performed creditably throughout 2006 in a harsh climate across the media industry. We have reduced costs significantly in response to the industry-wide decline in advertising volumes with the result that we have limited the inevitable impact on our profitability. In addition we have completed a fundamental business review and come out of that with a clear road map for the Group’s future.
“Looking ahead our strategy is clear. We will harness the strong cash flows from our first class portfolio of newspaper assets to build Trinity Mirror, both organically and by acquisition, into a multi-platform media group with strong growth potential.
“We witnessed an encouraging finish to 2006. Although the current environment remains challenging and volatile we continue to expect advertising market conditions to stabilise during the year with the rate of decline slowing. The combination of this stabilisation and continued focus on cost reduction underpins the Board’s confidence in the future, with 2007 performance in line with expectations.”
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