Good news at Trinity Mirror as profits soar

Trinity Mirror has seen more than its fair share of negative headlines in recent years following their acquisition of the Local World regional newspaper group. From sweeping job cuts to title closures, the publisher has faced criticism from journalists, editors and union representatives. However, at least one group of people will be happy with the latest headlines – their shareholders.

Trinity Mirror has seen a massive increase in profits, reporting a 25 percent year-on-year increase. Revenues increased to £713 million in 2016 from £592.7 in the previous year with print publishing enjoying a £95 million increase and digital revenues climbing by £36 million.

The company is also reporting “excellent progress” in creating synergy across its titles and estimates such savings could reach £15 million in 2017.

Simon Fox, Trinity Mirror’s chief executive, told journalists: “We have delivered a strong financial performance in the year despite the challenging environment we face.

“I am particularly pleased with the progress we have made in growing our digital audience and revenue, and with the work we have done this year to develop and refine our strategic priorities for the year ahead.”

A financial report released by Trinity Mirror is keen to highlight the publisher’s vision for its regional publishing business, stating: “During 2016, we continued to enhance our regional print brands through the roll out of a new design with less focus on crime, more reporting on things to do in the city and improved coverage in areas such as football and entertainment.

“Alongside enhancing our newspapers we continue to rationalise the portfolio and during 2016 we closed a small number of regional newspapers and at the end of 2016 we handed back to DMGT four of the eight Metros franchises we operated.”

However, the report also highlights the difficulties facing the regional sector and states: “The market for our regional titles remains difficult with declines of 15.1 percent for paid for dailies, 17.1 percent for paid-for weeklies and 17.9 percent for paid for Sundays. All titles are experiencing difficulty and our overall trends remain challenged in the market.”