Strong Performance From Trinity Mirror Despite Mirror Fiasco

Trinity Mirror said this morning that the ‘media storm’ surrounding the publication of fake photographs of Iraqis being abused by UK soldiers was the reason circulation at its flagship newspaper the Daily Mirror fell by 5.3% year-on-year.

Sly Bailey, chief executive, said that despite the disappointing circulation performance during the period in May, there have been ‘plenty of positives’ for the six month period ending 27 June 2004.

Bailey said: “Fake pictures caused a media storm but now the dust has settled, we have learned from our mistakes and moved on. What is important now is the real story and what is important for Trinity Mirror is continued success across our group.”

Despite the problems, Trinity Mirror posted an overall strong financial performance. The interim results reveal that revenues from January to June 2004 grew by 5.6%, with circulation and advertising revenue up by 6.3% and 5.1% respectively, while operating profit jumped by 20.6% to £120.2 million.

Revenues at national newspapers were up by 5.6% from £244.3 million to £257.9 million. However, advertising revenues struggled, in what Bailey described as volatile market conditions, to nudge up by 2.7% to £99 million – even after the much needed boost from Euro 2004.

The group said that an improvement in advertising conditions and a partial recovery in the South has helped drive advertising revenues for its regional titles up by 6.0% to £211.0 million.

Chairman, Sir Victor Blank, said: “Today’s figures demonstrate that the group’s drive to improve performance is continuing to bear fruit. We are now a strong group both financially and managerially and we look positively to our future prospects.

Bailey added: “Our performance-based strategy Stabilise Revitalise Grow is delivering. This phase of the group’s development has been about improving our performance and today’s results demonstrate our ability to meet objectives and show we are creating a fundamentally strong and better-performing group.”

Trinity Mirror: 020 7293 3000: www.trinitymirror.com

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