Trinity Mirror reports 10% revenue decline for start of 2013 as it moves to have two phone hacking cases 'struck out'
Trinity Mirror has revealed that is has moved to have two legal actions over phone hacking allegations against the publishing company thrown out as it revealed a 10 per cent decline in revenue for the start of the year.
The publisher of The Daily Mirror and the Daily Record revealed ahead of its Annual General Meeting this morning that it had moved to have two of four civil claims alleging phone hacking "struck out" by the court, claiming that they had "no reasonable prospect of success" while it has also challenged the other two claims.
Both a current and former journalist have been arrested as part of the Metropolitan Police Force's investigation into alleged inappropriate payments to public officials, while two former journalists and two current journalists have also been arrested, but not charged, through Operating Weeting, which is investigating claims of phone hacking,
Meanwhile, the publisher has reported declines in advertising (8 per cent) and circulation (13 per cent) revenue during the 17 week period leading up to 28 April. Both print and digital revenue were down by 13 per cent on the same period last year also and printing and other revenue declined by three and five per cent respectively.
The statement described advertising markets as remaining "difficult" with display advertising down 11 per cent during March and April, although it was down by 12 per cent during January and February. Classified advertising was also down by 26 per cent during the period, although digital advertising grew by 8 per cent overall and 13 per cent during March and April.
A cost saving strategy of £10m was also reported to be "on track" for this year as the company's net debt fell by £25m to £132 m.