Mirror Group Results/Live TV Plans

The Mirror group have announced half year results for the six months to the 2nd July 1995.

The Group’s pre tax profits have risen £22.3m to £57.0m including £18.2m gain on the sale of the Donohue stake. Advertising revenue was also up 7.6%.

Commenting on the latest results, David Montgomery said “The core newspaper business performed very well. The decision not to cut the prices of our titles has been fully vindicated. In May, June and July the circulations of all the eight titles we manage were up year on year.”

According to Mr Montgomery Mirror Group “also made important strategic progress. In June we successfully entered broadcasting with the national launch of Live TV. We now intend to create the first truly local television network in Britain with joint venture partners.”

Mr Montgomery revealed future plans for Live TV. “Live TV now reaches 900,000 homes across the country. This is designed to support a network of local affiliate stations. Birmingham Live, a joint venture with the local cable company and Midland Independent Newspapers, will begin transmission in November. Other joint ventures have been announced in Westminster with British Telecom and in Lancashire with Trinity International Holdings, owners of the Liverpool Post. We have also agreed with United Provincial Papers to pursue local TV opportunities in their territories. Talks are currently in progress with STV for the Scottish cities.”

Mirror Group: 0171 293 3376