Trinity Mirror set to make a further £10m in cost savings following 2013 revenue decline
Trinity Mirror has revealed that it expects to make £10m worth of further structural cost savings having recorded revenue declines across the whole of 2013.
The publisher of the Mirror and the Daily Record has released its unaudited results for last year, with revenue down by nine per cent for the first half of the year, five per cent from July-October and one per cent over November-December.
Publishing digital revenue fluctuated during 2013, with November/December growing by 32 per cent, following a 10 per cent fall during the first six months of the year and growth of eight per cent during July-October.
Although this year started with a fall in revenue in January of four per cent, its digital publishing revenue increased by 32 per cent so far, the Group claimed. .
Digital revenue for December and the year to date was up by three per cent, it reported.
Simon Fox, CEO of Trinity Mirror, said that he was pleased by the group performance during 2013, which was ahead of its expectations.
A separate non-cash impairment charge of around £700m around investments in subsidiaries held by the company is also expected to result in a negative profit and loss towards the company balance sheet.
However, Trinity Mirror said that the statutory or adjusted group results will be unaffected as a result.
“The impairment charges are driven by technical accounting requirements,” explained Fox. “They do not relate to or impact the progress we are making with our strategy and I continue to believe that the business has significant long term potential.
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"In the meantime trading for the start of 2014 is in line with our expectations."
The company also made an early payment of £9m towards the pension deficit funding which was due this year.