Turnover Reaches £324.4 Million For Trinity

Trinity, the UK’s largest regional newspaper publishing group, announced its preliminary results for 1998 today. The group, which this morning launched a bid for the Mirror Group (see Newsline), announced a turnover of £342.2 million, a 5.4% rise since last year.

Pre-tax profit increased (before exceptional items) by 13.4% to £83.8 million, and earnings per share were up 12.5% to 45.4p.

The group’s overall advertising revenue grew by 8.6% in 1998, and circulation revenue increased by 2.6%.

Chief executive of the group, Philip Graf, commented: “Despite a second half where revenue growth slowed substantially, this was a good performance throughout the group. Strong cash generation helped by the US disposal, means we have entered 1999 in robust health [see Newsline].

“Currently trading is encouraging. Newsprint prices continue to be favourable and we launched a major cost management exercise towards the end of 1998. We continue to invest in our people. products and systems. Should the economy continue as it is presently performing, then the outcome for the year should be satisfactory.”

Trinity was voted the top regional press publisher in January by the Newspaper Society (see Newsline). Should the Mirror Group accept Trinity’s bid, the merger will create the biggest newspaper group in the country.

Trinity: 0171 457 2345