Trinity Mirror has announced that its operating profit for the 26 weeks ending July 1 increased by 5.9%, reflecting the benefit of a more stable advertising environment and tight cost management.
Revenue was broadly flat for the period, reflecting improving market conditions, with underlying digital revenues growing by 23.7%.
However, the group said that expectations for the disposal of titles including the Birmingham Post and South London Press as well as the Racing Post were higher than is now anticipated, adding that it now expects to raise around £450 million.
Yesterday, Trinity Mirror agreed to sell 27 regional newspapers and nine niche titles in London and the south-east for £18.75 million (see Trinity Mirror Sells 27 South-East Titles).
The titles, including the South London Press, North London and Herts Newspapers and the Yellow Advertiser, will be sold to Tindle Newspapers.
Sly Bailey, Trinity Mirror chief executive, said: “I am pleased to be able to announce a return to profit growth in the first half of the year. This is due to a combination of improving market conditions together with our continued focus on portfolio development and stringent cost control.
“Looking ahead, the progress of our multi-platform strategy coupled with improving trends in our advertising markets gives us confidence in our ability to drive further growth and to deliver value for our shareholders.”
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