Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Trinity Mirror shares higher as newspaper group posts as-expected decline in 2017 sales and profits

For the full-year to 31 December 2017, the newspaper publisher saw its adjusted pre-tax profit fall to £122,6mln, down from £133.2mln a year earlier
Mirror newspaper
On a like-for-like basis, Trinity Mirror said revenue fell by 8.8%, "impacted by the weak print trading environment"

Trinity Mirror PLC (LON:TNI) saw its shares rally in afternoon trading on Monday as the newspaper group – which last week completed its acquisition of the Daily Express and Daily Star newspapers – reported as expected falls in 2017 profits and revenue and unveiled plans to change its name to Reach PLC to reflect the expansion.

For the full-year to 31 December 2017, the newspaper publisher saw its adjusted pre-tax profit fall to £122,6mln, down from £133.2mln a year earlier, as revenue declined to £623.2mln from £713.0mln in 2016.

READ: Red-tops takeover: Daily Mirror owner Trinity Mirror seals deal for Daily Express and Daily Star

Consensus forecasts were for Trinity Mirror's 2017 adjusted pre-tax profits to be £119mln, with total revenue forecast at £622mln.

On a like-for-like basis, the firm said revenue fell by 8.8%, "impacted by the weak print trading environment", though like-for-like publishing digital revenue grew by 7.0% to £83.9mln.

Simon Fox, Trinity Mirror’s chief executive commented: "We once again delivered a strong financial performance in what remains a difficult trading environment for the industry.”

He added: Having made good progress with our strategy in 2017 we will build on this in the year ahead."

The newspaper owner raised its final dividend by 6.0% to 3.55p per share, bringing its total payout for the year to 5.80p, up 6.4% on 2016.

In afternoon trading, Trinity Mirror shares were 2.8% higher at 77.6p having dropped 2% earlier on.

Although Trinity Mirror completed the acquisition of the Express and Star newspapers from Richard Desmond’s Northern & Shell last week, news of a Competition and Markets Authority probe and a 'hold separate order' into the deal on Friday somewhat soured any celebratory mood.

In a statement then, Trinity Mirror said It “continues to believe that there will be no reduction in media plurality as a result of the Acquisition, as each newspaper brand will continue with its current editorial positioning, and that there will not be any detrimental impact on competition as a result of the Acquisition.”

 -- Updates share price, includes proposed name change --

View full RCH profile View Profile

Reach PLC Timeline

Related Articles

Throne of Glass
April 30 2018
Rowling, Rowling, Rowling ... keep those titles rolling. Mind you, it's not all about Ms Rowling; Sarah J Maas title revenues grew 47% in the first half of the financial year and dieters are gorging on Tom Kerridge's books
Email
August 15 2018
Milan Patel, dotdigital’s chief executive officer said: "This year reflects substantial progress against the company's strategic aims in accelerating our platform capabilities into the omnichannel space, continuing to innovate our product, growing geographically and deepening our relationships with our strategic partners”
Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use