The Mirror Group is to raise the cover price of the Daily Mirror to 30p from 28p from Monday, it has announced today. The move is an attempt to counter the increased costs of newsprint. The Sun currently has a cover price of 25p.
Pre-tax profits for the group were up to £87.2m from £84.7m (before L!ve TV and exceptional items; after the £10.1m costs for L!ve TV profits were £77.1m) David Montgomery, Mirror Group Chief Executive said that the results were better than expected.
Advertising revenues were up 6% to £180m from £169.3m; circulation revenues were up 4% to £295.7m from £283.7m.
L!ve TV is on target to break even within three years; further local stations are planned in the near future and the investment in STV is showing “healthy gain”. Losses at Newspaper Publishing, which is now 43% owned, fell during the year notwithstanding the higher cost of newsprint.
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