Trinity Mirror has sustained a difficult start to 2016, announcing a revenue decline of over eight per cent to accompany the failure of its recently-launched newspaper the New Day.
In a trading update for the first quarter of the year Trinity Mirror revealed group revenue had fallen by 8.6 per cent which was coupled by a 19 per cent decline in print advertising revenue.
The news follows on from the group’s decision to shut the New Day just two months after it launch. Tomorrow (Friday 6 May) will be the final edition of the title which was aimed to appeal to a female-skewed audience.
Despite the drastic slip in circulation over the past 10 weeks Trinity Mirror insists that launch and subsequent closure has provided “new insights into enhancing our newspapers and a number of these opportunities will be considered over time”.
The group saw more success across its digital platforms, revealing that it continues to see strong growth in its digital audience with an increase of 22 per cent on a like for like basis. In addressing the group revenue decline the company also announced in its trading update that it aims to make £12m in savings next year.