Journal Publisher Reports Improved Revenue Trends
TRINITY Mirror, the publishing firm behind the The Journal, The Chronicle and The Sunday Sun, says financial performance for the year will likely be at the "higher end of market expectations".
An interim management statement covering the 17 weeks trading up to October 27, 2013, showed revenue trends, both print and digital, have continued to improve as the group progresses through the second half, with third quarter revenues down 5% and October down 3%, compared to declines of 6% in the second quarter and 11% in the first quarter.
Accelerating growth was also seen in the group's digital audience, with average monthly unique users up 68% yearon-year in the period to 45m and pages views up 65% year-on-year to 240m across the publishing operations, with digital display advertising revenue growing by 27% year-year-on-year.
Continued strong cash generation likewise enabled Trinity Mirror to repay PS54.5m of maturing debt in October from cash flow, with net debt falling by PS18m to PS102m in the period.
The statement said the group was particularly pleased with improving circulation revenue trends, with the rate of decline falling to 1.2%, reflecting the benefit of cover price increases and a strong circulation volume performance.
Print advertising revenues declined by 11% during the period, while digital advertising revenues declined by 9%%.
"Although classified advertising revenues were down year-on-year, we have experienced a continued improvement in recruitment advertising trends," the statement said. …