Trinity Mirror has reported a 20.1% decline in its group ad revenues since the end of June in a trading update today, with property ad income falling by almost 50%.
The newspaper group’s property ad revenue fell by 46.4% year on year, while recruitment ad income dropped 27% in the 17 week period from the end of June to October 26, according to reports.
Trinity’s statement comes just a day after Johnston Press revealed a 15.5% downturn in advertising revenues in the past four months.
The regional press group reported year on year declines in property ads of around 48.4%, employment ads by 32.1%, motors by 24.3% and display ads by 12.1%.
Yesterday, Johnston confirmed that its ad revenue loss is due to “substantial declines in property advertising combined with significant falls in employment and display advertising”.
Trinity Mirror said: “In line with the worsening economy and the impact it has had on the advertising market, trading conditions have continued to deteriorate since the half-year, with rates of decline accelerating in all advertising categories.
“In view of these uncertain market conditions we expect trading to remain challenging and therefore remain cautious about prospects for the remainder of 2008 and for 2009,” the publisher added.
The publisher, which owns the Daily Mirror is set to cut another £20 million of costs in 2009 in response to the trading update.
A statement said: “The group is taking a series of measures to drive efficiencies through re-engineering and reducing costs.
“We will deliver annualised cost savings of £25 million in 2008 being £5 million ahead of target. In addition incremental cost savings of at least £20 million will be devlivered in 2009,” Trinity added.
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