Trinity Mirror reported a 22% fall in operating profit in 2008, down to £145.2 million from £186.4 million the previous year.
The group cut its dividend, warning that advertising has fallen around 30% in the first two months of 2009.
Revenues from retained businesses were down 6.5% to £871.7 million, down from £932.3 million.
January and February saw advertising revenues fall 30%, with the regional division recording a 37% decline and the national titles dropping 16%. Circulation revenues had fallen just 4% in the same period.
Trinity Mirror said in a statement: “Advertising revenues are expected to decline throughout 2009, though we expect only minimal falls in our more resilient circulation revenues.
“We will incur a double-digit increase in newsprint prices which we will look to offset through a reduction in consumption.
“In this environment, the company will continue to take prudent and measured actions to steer the business through the ongoing downturn, focusing on delivering quality products to its customers, tightly managing its portfolio of strong brands and driving cash flow from the business.
“Our proven track record of delivering substantial cost savings provides the board with comfort that management actions will help to support profitability in a challenging outlook for the economy.”
