Trinity Mirror profits fall 65%

Trinity Mirror has reported a 65% fall in profits in the first half of 2011. Pre-tax profits for the company have dropped to £28.9 million, with the closure of the News of the World helping to balance out the falling profits through boosted sales.

The company, which owns the Daily Mirror, Sunday Mirror and various other titles, stated that the revenue for the overall group dropped by 6.9% in the 26 weeks up to July 3.

However, the declining sales improved dramatically as of July and the closure of key rival to the Sunday Mirror, the News of the World. Since the demise of the paper in light of the phone hacking scandal, the Sunday Mirror‘s circulation is up 71% with People, another paper in the Trinity Group roster, up 66%.

Trinity Mirror also own a variety of regional papers – purchased from Guardian Media in 2010. This acquisition has been blamed for part of the fall in profits as “the economic environment remains difficult”.

Despite this major fall in pre-tax profits, the company is hopeful that the it will turn around these sales thanks to the events of the phone hacking scandal, which lead to the closure of the UK’s biggest selling Sunday paper.