8261
Trinity Mirror PLC
28 July 2005



                               Trinity Mirror plc
                              2005 Interim Results
                       for the 26 weeks ended 3 July 2005

                                                                    28 July 2005

Trinity Mirror plc announces the Group's Interim Results(3) for the 26 weeks
ended 3 July 2005. The operational and financial highlights reflect the adoption
of International Financial Reporting Standards for the period.

Operational highlights

  • Revenue and operating profit(1) growth of 1.2% and 7.9% respectively in
    a challenging advertising revenue environment
 
  • Improved Group operating margins(1) by 1.3% to 22.1% with Regionals
    division operating margins(1) increasing by 1.1% to 28.4%

  • Earnings per share growth, before impact of IAS 39(4) on financial
    instruments and before non-recurring items(2), of 13.2%, with the interim
    dividend increased by 8.5% to 6.4 pence per share

  • Incremental cost savings of £4.1 million and on track to achieve at
    least £35 million net annualised savings for the year

  • £32.5 million expended on share buy-back programme during the period and
    on track to achieve a £250 million return of capital over three years

  • £83 million capital investment in printing presses over three years
    enhancing manufacturing efficiency and providing full colour for the Group's
    five National newspapers and a number of Regional newspaper titles by the
    beginning of 2008

  • Strong operating cash flows up 2.0% to £129.9 million and stable net
    debt at £457.4 million excluding the impact of IAS 39(4)

Financial highlights

                                                       2005(2) 2004(2)  Change
                                                          £m      £m         %
Revenue                                                579.3   572.7     +1.2%
Group operating profit pre non-recurring items (1)     128.3   118.9     +7.9%
Group operating profit post non-recurring items        128.3   115.4    +11.2%
Profit before IAS 39(4) impact and pre non-recurring
items (2)                                              112.5    99.5    +13.1%
Profit before tax post non-recurring items             113.2    98.5    +14.9%

Per share                                              Pence   Pence    Change
                                                                             %
Underlying earnings before IAS 39(4) impact and pre
non-recurring items(2)                                  26.6p   23.5p   +13.2%
Underlying earnings pre non-recurring items (2)         26.7p   23.5p   +13.6%
Basic earnings post non-recurring items                 26.7p   23.5p   +13.6%
Dividend per share                                       6.4p    5.9p    +8.5%

(1)  Excludes operating non-recurring items of £nil (2004: £3.5 million charge)

(2)  Excludes net non-recurring items before tax of £nil (2004: £1.0 million 
     charge)

(3)  Accounting policies used in the preparation of the unaudited financial 
     information for the 26 weeks ended 3 July 2005 reflect changes resulting 
     from the adoption of International Financial Reporting Standards. The
     accounting policies adopted are detailed in note 2 on page 14. The 2004 
     interim results have been restated on this basis. (See note 17 on page 27)

(4)  Impact of fair value, exchange rate, and amortisation adjustments
     on borrowings and associated financial instruments accounted for under 
     IAS 39. References to IAS 39 throughout this document shall have the same 
     meaning


Sir Victor Blank, Chairman of Trinity Mirror plc, commented:

"Management continues to deliver value to shareholders by improving the
business, delivering against our financial targets and driving the growth
strategy forward with even greater vigour."

Sly Bailey, Chief Executive of Trinity Mirror plc, commented:

"We have delivered a satisfactory performance, despite the current trading
environment. I believe that this demonstrates that we have stabilised and
revitalised the business to achieve sustainable improvements in performance.
Having stabilised the core business, we remain fully focused on growth."



Enquiries:
Trinity Mirror plc                                       020 7293 3000
Vijay Vaghela, Group Finance Director
Nick Fullagar, Director of Corporate Communications

Finsbury                                                 020 7251 3801
Rupert Younger
James Leviton

Within the following Chief Executive's review and review of operations, all
figures are presented on a pre non-recurring items basis, as defined in
footnotes (1) and (2) on page 1, unless otherwise stated, and reflect the impact
of implementing International Financial Reporting Standards (IFRS) for both 2005
and 2004. A full reconciliation of the performance from IFRS to UK GAAP is shown
on pages 35 to 36.

Chief Executive's Statement

During the 26 weeks ended 3 July 2005 Group revenues increased by 1.2% from
£572.7 million to £579.3 million, operating profits* increased by 7.9% from
£118.9 million to £128.3 million and operating margin* improved by 1.3% from
20.8% to 22.1%. The improved performance has been achieved despite a difficult
advertising market and reflects the continued benefits of the Group's "Stabilise
Revitalise Grow" strategy. In particular, the Group operating margin improvement
reflects the effectiveness of the strategy in driving continuous improvement
across our portfolio of products and publishing processes.

Following a good start to the year in January and February, advertising market
conditions deteriorated in March and remained challenging during the second
quarter. The UK economy has slowed from the beginning of the year contributing
to a weakening retail environment with sluggish consumer spending. This has
impacted most advertising categories across our portfolio of newspaper titles.
In common with other regional newspaper publishers, we have also seen a
reduction in the volume of recruitment advertising across the business. Despite
the weak advertising environment, our national titles continue to hold their
advertising volume market share. As there remains limited visibility in the
advertising market place, we are managing the business on the assumption that
the advertising conditions experienced in the first half will continue for the
remainder of the year.

Delivery against stated financial objectives

The difficult advertising market conditions have not distracted management from
delivery against our stated financial objectives. The short-term financial
objectives of the strategy, updated in March 2005, are as follows:

•  Annualised net cost savings of £35 million in 2005 with net
   incremental cost savings of £7 million in 2005

•  Intention to return up to £250 million capital to shareholders
   through a three-year share buy-back programme commencing in 2005

•  A policy to progressively increase dividends

•  Improvements in operating margins for the Regionals division

The Group has delivered against each of the stated financial objectives as
follows:

•  Incremental cost savings of £4.1 million have been achieved in
   the period and the Group is on track to deliver at least £35 million net
   annualised cost savings this year

•  4.9 million shares have been acquired since March 2005 at a
   cost of £32.5 million. The Group remains on track to complete the £250
   million return of capital over three years to 2007

•  The interim dividend has been increased by 8.5%

•  Operating margins* for the Regionals division have further increased by 1.1%
   to 28.4%

In addition to meeting the stated objectives, including the returning of capital
to shareholders, the Group has maintained stable net debt, which has only
increased marginally by £3.4 million to £457.4 million excluding the impact of
IAS 39.

Driving growth

The positive momentum created through our performance-based strategy "Stabilise
Revitalise Grow" has continued during the period.

Despite the difficult trading conditions management has continued to focus
attention on driving longer-term growth, through investment in both the core
business and complementary new products and revenue streams.

In the core business, we have concentrated on the disciplines of portfolio
management through revitalising and relaunching existing titles, improving
consumer and advertiser propositions, continuing with the 'little and often'
cover pricing policy, making improvements to the distribution and availability
of our titles, a strong focus on advertising yield management and attention to
cost management.

This focus has strengthened and revitalised our portfolio and is delivering
tangible benefits that are clear to see in our results.

In addition to strengthening and building our portfolio of newspaper titles, we
have continued the process of growing and transforming Trinity Mirror into a
multi-platform publishing business. This has been achieved by focusing on
meeting the broader needs of our market segments, geographies and customer
groups, by deepening and strengthening penetration in our core markets both in
print and on-line and so securing a strong foundation for further development
and growth.

While the Group is still in the early stages of the growth phase of its
strategy, real progress has been made over the last six months:

   • Since joining in February, Georgina Harvey, Managing Director for the
     Regionals division, has undertaken a root and branch review of the business
     and has formulated clear action plans to further improve performance. These
     plans have been framed into three clear strategic priorities: to drive top
     and bottom line performance to further improve margins, to drive 
     efficiencies in the operating model by fully capturing the benefits of 
     scale and to accelerate growth through a stronger focus on growth and 
     innovation.
   
   • This month we announced the acquisition of smartnewhomes.com - the UK's
     largest and most successful online business focused exclusively on the new
     homes sector. This is the first acquisition the Group has made since
     announcing the "Stabilise Revitalise Grow" strategy and builds on our
     existing print presence in this core market. The acquisition will be
     immediately cash flow positive with significant growth potential.
   
   • In the Autumn the Racing Post will launch its joint venture with Racing
     UK to provide a broadband service, linking live and archive video of
     horseracing with online betting and form research. This will use Racing 
     UK's rights from 31 premier racecourses and the Racing Post's expertise in 
     online content and betting to create a new platform for horseracing 
     enthusiasts. Five of the UK's leading bookmakers have been selected to 
     partner the venture. Each of these partners will have a prime position on 
     the site and consumers will also be able to watch the video stream in a
     bookmaker-specific site.
   
   • We have continued to segment and deepen our presence in our core
     recruitment advertising markets with the launch of local recruitment
     websites which build on the successful launches seen in Scotland and Wales
     last year. To date in 2005 we have launched new sites in the South East,
     North East and the North West. During August we will complete coverage of
     our regional markets with the launch of another new site in the Midlands.
     These local sites provide precision targeting for advertisers and job
     seekers, to complement the reach of the national fish4jobs network, the 
     UK's most popular online recruitment brand.

   • In August, we will strengthen our position in the key public sector
     recruitment area, launching Insidepublic.co.uk, a national website 
     providing news, career advice and job opportunities to those seeking work 
     in the public sector.

   • In June the Group launched a new public sector magazine - Communities
     Today. This new title will be published alongside our market-leading title
     Inside Housing, further strengthening our position in the public sector via
     a cluster publishing strategy.

   • We are commencing a £83 million capital expenditure programme which
     secures full colour for the Group's five National newspapers and a number 
     of Regional newspaper titles by early 2008. In addition to securing full 
     colour this investment replaces presses and ancillary equipment which are 
     coming to the end of their useful economic life and provides substantial 
     operating efficiencies from 2007. This investment will be funded through 
     cash flow, with total capital expenditure being maintained at approximately
     £60 million per annum for 2006 and 2007 before reverting to a more 
     normalised spend, which is expected to be below £30 million per annum.

   • We are piloting paid for e-editions of our newspapers, with the launch of
     The Journal e-edition - an electronic edition of the North East of 
     England's best-selling morning newspaper.

   • We continue to develop our directories business. We plan to publish four
     editions of The One directory across Scotland in the second half of 2005. 
     We expect to publish a further three editions in 2006 bringing the total to
     seven editions.

In addition to the above initiatives, the Group is considering a range of other
organic and acquisition opportunities for growth. We expect some of these to be
evident in the second half of this year.

Despite the continued challenges in trading conditions we remain committed to
pursuing and accelerating options for growth across the Group's portfolio of
businesses. We are confident that our strategy will deliver enhanced returns for
shareholders and we will provide a further update on progress at the
announcement of our preliminary results for the year in March 2006.

Sly Bailey, Chief Executive
28 July 2005


Review of operations

Group revenue increased by 1.2% from £572.7 million to £579.3 million and Group
operating profit* increased by 7.9% from £118.9 million to £128.3 million. Group
operating margins* have increased by 1.3% from 20.8% to 22.1%.

The results reflect the impact of difficult advertising market conditions, which
contributed to advertising revenues falling by 0.4% from £324.2 million to
£323.0 million whilst circulation revenues increased by 3.1% from £194.8 million
to £200.9 million.

The operating profit performance incorporates the benefit of net incremental
cost savings of £4.1 million and a reduced operating profit pension charge
(excluding past service enhancements) under IAS 19 of £1.7 million which have
been partially offset by a 7.0% newsprint price increase for the year which
increased costs by £5.0 million in the period.

There are no reported non-recurring items for the period.

Earnings per share before non-recurring items increased by 13.6% from 23.5 pence
per share to 26.7 pence per share, reflecting the increased operating profit,
reduced finance costs and the benefit of the reduced number of shares in issue
due to the share buy-back programme.

The interim dividend has been increased by 8.5% to 6.4 pence per share (2004:
5.9 pence per share). It will be paid on 1 November 2005 to shareholders on the
register at 7 October 2005. Under International Financial Reporting Standards
the dividend has not been recognised in the Interim Balance Sheet as a liability
as it was not approved by the Board until 28 July 2005 which was after the
interim period end.

The Group continued to deliver strong operating cash flows which increased by
2.0% to £129.9 million (2004: £127.4 million). These strong cash flows enabled
net debt to increase only marginally by £3.4 million from £454.0 million at 2
January 2005 to 457.4 million at 3 July 2005 excluding the impact of IAS 39
despite net capital expenditure of £13.2 million, £32.5 million expenditure for
the share buy back and payment of the 2004 final dividend of £41.7 million.

The adoption of IFRS and the consequent adoption of IAS 39 potentially creates
significant volatility in both the income statement and reported debt levels. To
provide clarity moving forward, all adjustments arising from IAS 39 will be
identified and underlying debt levels excluding the impact of IAS 39 will
continue to be disclosed. The reported net debt including the adoption of IAS 39
is shown in note 11. Net debt excluding the impact of IAS 39, which reflects the
underlying position, is shown in note 16.

Capital expenditure of £60 million is expected for the full year reflecting the
continued expenditure in relation to the re-pressing at the Oldham print site
and £4 million relating to the £83 million capital expenditure programme
announced today.

On 18th July 2005 the Group completed the acquisition of Smart Media Services
Ltd., the owner of smartnewhomes.com, the UK's leading internet marketing portal
for new-build homes. An initial consideration of £11.3 million (excluding
transaction costs) has been settled by £10.6 million in cash and the issue of
£0.7 million loan notes.

During the period the IAS 19 operating profit pension charge for current service
fell by £1.7 million to £14.1 million with cash contributions (excluding past
service enhancements) increasing by £11.9 million to £25.6 million. Pension
scheme liabilities, before the provision of deferred taxation increased by £8.9
million to £330.8 million. This reflects an increase in liabilities of £79.0
million and an increase in assets of £70.1 million. The increase in liabilities
reflects a fall in the real rate of return applied to discount liabilities. This
fell from 2.55% at 2 January 2005 to 2.35% at 3 July 2005.

Net pension scheme liabilities, after the provision of deferred taxation,
increased by £6.3 million from £225.3 million to £231.6 million.

Regionals division

The Regionals division achieved revenue growth of 2.6% from £270.4 million to
£277.3 million and operating profit* growth of 6.6% from £73.9 million to £78.8
million. Operating margin* increased by 1.1% from 27.3% to 28.4%. The increase
in operating profit* incorporates a £3.3 million increase for the Regional
newspaper titles excluding Metros, £0.5 million increase in Metros and profits
of £0.9 million for Digital Media activities compared to a loss of £0.2 million
in 2004.

Advertising revenues increased 1.5% to £214.1 million (2004: £211.0 million)
with growth of 0.4% from £203.3 million to £204.1 million for our Regional
newspapers titles (excluding Metros), an increase in advertising revenue for the
Metro titles of 15.8% from £5.7 million to £6.6 million and Digital Media
advertising achieving growth of 70.0% from £2.0 million to £3.4 million.

The division achieved growth in advertising revenues of 4.0% for January to
April with a fall in advertising revenues of 3.3% for May and June. Growth of
3.1% for Display, 17.9% for property and 3.4% for other classified categories
has been partially offset by declines of 6.7% for recruitment and 2.7% for
motors. With the exception of the regional newspaper titles in the South and the
Midlands where advertising revenues fell by 1.6% and 0.8% respectively, and the
North West, where revenues were flat, all regions achieved year on year
advertising revenue growth for the period.

Regional newspapers circulation revenue increased by 5.1% from £39.6 million to
£41.6 million, with the continued benefit of the 'little and often' cover price
policy. Circulation volumes for the Regional titles declined by 0.9% for daily
morning titles, 4.6% for daily evening titles, 5.5% for Sunday titles and 3.6%
for the weekly titles. Excluding the Midlands titles, which continue to have
weak circulation performance for the daily morning, evening and Sunday titles,
there has been a general improvement in circulation volume performance, with an
increase of 0.3% for daily morning titles, a fall of 2.5% for the evening titles
and a fall of 0.9% for the Sunday titles. A new management team has been
appointed in the Midlands to address the weak performance of our titles in this
region.

The results of smartnewhomes.com, acquired in July 2005, will be reported within
the results of the Regionals division. For 2005, revenues post acquisition are
expected to be £1.5 million.

Nationals division

In a difficult advertising market where total national newspapers advertising
volumes suffered a substantial reduction, our Nationals divisional revenues fell
by 0.9% from £257.9 million to £255.5 million. Despite the fall in revenues,
operating profit* increased by 5.9% from £40.5 million to £42.9 million due to
the benefits of cost savings partially offset by inflationary price increases
and a 7.0% increase in the price of newsprint. Operating margin* improved from
15.7% to 16.8%.

Revenues for the UK Nationals fell by 1.6% from £202.2 million to £198.9 million
and those for the Scottish Nationals increased by 1.6% from £55.7 million to
£56.6 million. Despite the fall in revenues, operating profit for the UK
Nationals increased by 11.8% reflecting continued tight cost management. For the
Scottish Nationals operating profit fell by 8.6% or £1.0 million, reflecting
costs of £0.6 million for The One Directory, losses of £0.1 million for
Scotcareers and additional investment in product and marketing of £0.4 million.

Circulation revenue for the Group's five National titles (and related
businesses) increased by 2.0% from £137.4 million to £140.1 million reflecting
the benefit of cover price increases implemented during 2004 for the two daily
titles and increases in January this year for the three Sunday titles.
Circulation revenues for the UK and Scottish Nationals increased by 1.0% and
5.8% respectively.

In a competitive national newspaper marketplace we have seen some improvements
in the year-on-year circulation volume performance for the Daily Mirror and
Sunday Mirror in recent months.

The Daily Mirror circulation volume, excluding sampling, declined by 7.7%
year-on-year during the period. The six-monthly volume market share for the
Daily Mirror fell by 0.2% to 19.3% during the period. The year-on-year volume
performance has improved in recent months with declines of 3.6% and 5.0% for May
and June respectively compared to declines of 9.4% and 8.9% for the first
quarter and April respectively. The improved year-on-year performance reflects
the benefits of a more consistent publishing mix and the passing of the
anniversary of the fake Iraqi prisoner abuse pictures published in May 2004.

The Sunday Mirror and The People circulation volume, excluding sampling,
declined year-on-year by 3.4% and 7.1% respectively during the period. The
six-monthly volume market share for the Sunday Mirror fell by 0.1% to 15.8% and
for the People remained flat at 9.8% during the period.

The circulation volumes for the Daily Record and the Sunday Mail declined by
5.5% and 5.7% respectively for the period.

Advertising revenue for the Nationals division declined by 5.4% from £99.0
million to £93.7 million during the period. Although the market continues to be
unpredictable and volatile, our national newspapers continue to maintain volume
market share of advertising.

The UK Nationals advertising revenue declined by 7.0% from £73.9 million to
£68.7 million and the Scottish Nationals advertising revenue declined by 0.4%
from £25.1 million to £25.0 million.

Sports division

The Sports division continues to deliver strong results with revenues increasing
by 10.5% from £23.7 million to £26.2 million, and operating profits* increasing
by 9.3% from £8.6 million to £9.4 million. Advertising and circulation revenue
increased by 14.9% and 9.7% respectively.

The on-line activities of the division continue to deliver positive results with
revenues increasing by 34.6% to £1.2 million and operating profits doubling to
£0.5 million.

In April the Racing Post announced that it had joined forces with Racing UK, the
UK's leading horseracing channel, to provide an innovative broadband service for
on-line customers. The service offers consumers a combination of live and
archive video coverage from Racing UK's 31 premier racecourses together with
comprehensive racing analysis and form supplied by the Racing Post. The service
has secured significant commercial support from five of the UK's leading
bookmakers and will enable customers to bet and watch live racing.

Magazines and Exhibitions

Despite a difficult trading environment the Magazines and Exhibitions division
delivered a strong performance with revenues increasing by 4.6% to £20.3 million
and operating profits* increasing by 10.2% to £5.4 million.

June saw the launch of Communities Today, a fortnightly title targeted at the
public sector. August sees the launch of InsidePublic, a specialist website
serving the needs of the public sector, which builds on the strength of the
Group's market leading title, Inside Housing.

Central Costs

Central costs have reduced by 3.4% from £8.8 million to £8.5 million reflecting
tight cost control.

Outlook

The advertising market has remained difficult since March and reflects the
general slowdown in the UK economy since the beginning of the year. Management
are running the business on the assumption that the difficult trading
environment will continue for the remainder of the year.

The Board remains confident in the strategy and continues to expect a
satisfactory outcome for the year.

* Pre non-recurring items as defined in footnote (1) on page 1






Trinity Mirror plc

Consolidated income statement (unaudited)
for the 26 week period to 3 July 2005

                                     26 weeks   26 weeks   53 weeks
                                           to         to         to
                                       3 July    27 June  2 January
                                         2005       2004       2005
                                                           (audited)
                                           £m         £m         £m
                                                                  
                             Notes

Revenue                          3      579.3      572.7    1,141.7
Cost of sales                          (277.4)    (272.6)    (533.6)
                                      --------   --------  ---------
Gross profit                            301.9      300.1      608.1

Distribution costs                      (69.0)     (72.6)    (140.5)
Administrative expenses:
Non-recurring                    4          -       (3.5)     (12.2)
Other                                  (104.9)    (109.0)    (213.4)
Share of results of associates            0.3        0.4        0.8
                                      --------   --------  ---------
Operating profit                 3      128.3      115.4      242.8

Finance costs (excluding IAS
39 impacts*)                     9      (15.8)     (19.4)     (38.2)
IAS 39 impact*                   9        0.7          -          -
Profit on disposal of
subsidiary undertakings          4          -        2.5        2.5
                                      --------   --------  ---------
Profit before tax                       113.2       98.5      207.1

Tax                              5      (34.7)     (29.3)     (62.0)
                                      --------   --------  ---------
Profit for the period                    78.5       69.2      145.1
                                      ========   ========  =========
Attributable to:
Equity holders of the parent             78.5       69.1      145.0
Minority interest                           -        0.1        0.1
                                      --------   --------  ---------
                                         78.5       69.2      145.1
                                      ========   ========  =========
Earnings per share (pence)       7      Pence      Pence      Pence
Excluding IAS 39 impact*
--------------------------
Underlying earning per share             26.6       23.5       51.2
Non-recurring items                         -          -       (2.0)
Earnings per share - basic               26.6       23.5       49.2
Earnings per share - diluted             26.3       23.2       48.7

Including IAS 39 impact*
--------------------------
Underlying earning per share             26.7       23.5       51.2
Non-recurring items                         -          -       (2.0)
Earnings per share - basic               26.7       23.5       49.2
Earnings per share - diluted             26.4       23.2       48.7


All revenue and results arose from continuing operations

* Impact of fair value, exchange rate, and amortisation adjustments on
borrowings and associated financial instruments accounted for under IAS 39.
References to IAS 39 throughout this document shall have the same meaning.

Trinity Mirror plc

Consolidated statement of changes in equity (unaudited)
for the 26 week period to 3 July 2005

26 weeks to      Share capital and      Share  Revaluation        Retained    Total
3 July 2005     capital redemption    Premium     reserves    earnings and
                           reserve                          other reserves
                                £m         £m           £m              £m       £m

Opening
balances                      29.7    1,101.7          4.9         (430.7)    705.6
                       -----------   --------     --------     -----------   ------
Profit for the
period                           -          -            -           78.5      78.5
Dividends                        -          -            -          (41.7)    (41.7)

Actuarial
losses on
defined
benefit                          
pension
schemes (net
of tax)                          -          -            -          (13.9)    (13.9)
                       -----------   --------     --------     -----------   ------
Total
recognised
income and
expense                          -          -            -           22.9      22.9
                       -----------   --------     --------     -----------   ------
Recognised
directly in
equity
New share
capital
subscribed                     0.1        4.2            -              -       4.3
Buy-back
shares
cancelled                     (0.5)         -            -          (32.0)    (32.5)
Investment in
shares for
LTIP                             -          -            -           (5.7)     (5.7)
Available-for-
sale financial
assets fair                      
value movement
net of tax                       -          -            -            2.0       2.0
Expense of the
cost of the
investment                       
in LTIP
shares                           -          -            -            1.9       1.9
                       -----------   --------     --------     -----------   ------
Net change
directly in
equity                        (0.4)       4.2            -          (33.8)    (30.0)
                       -----------   --------     --------     -----------   ------
Total                                                                          
movements                     (0.4)       4.2            -          (10.9)     (7.1)
                       -----------   --------     --------     -----------   ------                                     
                              
Equity at the
end of the
period                        29.3    1,105.9          4.9         (441.6)    698.5
                       -----------   --------     --------     -----------   ------


26 weeks to              Share      Share     Revaluation              Retained    Total
27 June 2004           capital    Premium        reserves              earnings
                                                             and other reserves                                         
                                                                      
                            £m         £m              £m                   £m        £m

Opening
balances                  29.4    1,089.5             5.0               (537.5)    586.4
                       --------  --------     ------------         -----------    ------
Profit for the
period                       -          -               -                 69.2      69.2
Dividends                    -          -               -                (37.6)    (37.6)
Actuarial
gains on
defined
benefit                      
pension schemes (net
of tax)                      -          -               -                 16.3      16.3
                       --------  --------     ------------         -----------    ------
Total
recognised
income and
expense                      -          -               -                 47.9      47.9
                       --------  --------     ------------         -----------    ------
Recognised directly
in equity
New share
capital
subscribed                 0.1        7.2               -                    -       7.3
Investment in
shares for
LTIP                         -          -               -                 (6.2)     (6.2)
Other
movements                    -          -               -                 (0.2)     (0.2)
                       --------  --------     ------------         -----------     ------
Net change
directly in
equity                     0.1        7.2               -                 (6.4)      0.9
                       --------  --------     ------------         -----------    ------
Total
movements                  0.1        7.2               -                 41.5      48.8
                       --------  --------     ------------         -----------    ------
Equity at the
end of the
period                    29.5    1,096.7             5.0               (496.0)    635.2
                       --------  --------     ------------         -----------    ------

Trinity Mirror plc

Consolidated statement of changes in equity (unaudited)
for the 26 week period to 3 July 2005

53 weeks to          Share     Share  Revaluation     Retained earnings    Total
2 January 2005     capital   Premium     reserves    and other reserves                                                 
                        £m        £m           £m                    £m       £m

Opening
balances              29.4   1,089.5          5.0                (537.5)   586.4
                   --------  -------- ------------        --------------  ------
Profit for the
period                   -         -            -                 145.1    145.1
Dividends                -         -            -                 (55.1)   (55.1)
Actuarial
gains on
defined
benefit                  
pension schemes
(net of tax)             -         -            -                  24.9     24.9
                   --------  -------- ------------        --------------  ------
Total
recognised
income and
expense                  -         -            -                 114.9    114.9
                   --------  -------- ------------        --------------  ------
Recognised
directly in
equity
New share
capital
subscribed             0.3      12.2            -                     -     12.5
Investment in
shares for
LTIP                     -         -            -                  (6.2)    (6.2)

Expense of the
cost of the
investment               -         -            -                   1.8      1.8
in LTIP shares
Movement on
revaluation              -         -         (0.1)                    -     (0.1)
Purchase of
minority
interest                 -         -            -                  (3.7)    (3.7)
                   --------  -------- ------------        --------------  ------
Net change
directly in
equity                 0.3      12.2         (0.1)                 (8.1)     4.3
                   --------  -------- ------------        --------------  ------
Total
movements              0.3      12.2         (0.1)                106.8    119.2
                   --------  -------- ------------        --------------  ------
Equity at the
end of the
period                29.7   1,101.7          4.9                (430.7)   705.6
                   --------  -------- ------------        --------------  ------


Trinity Mirror plc

Consolidated balance sheet (unaudited)
at 3 July 2005

                                    Notes       3 July    27 June  2 January
                                                  2005       2004       2005
                                                                    (audited)
                                                    £m         £m         £m
                                                                    
Non-current assets
Goodwill                                           6.0        6.0        6.0
Other intangible assets                        1,579.9    1,579.9    1,579.9
Property, plant and equipment                    380.4      394.4      387.8
Investments in associates                          7.2        7.2        7.5
Deferred tax asset                               109.1      113.2      106.5
                                              --------   --------  ---------
                                               2,082.6    2,100.7    2,087.7
                                              --------   --------  ---------
Current assets
Inventories                                        6.5        6.6        6.7
Available-for-sale financial assets     8          4.1        1.1        1.3
Trade and other receivables                      159.3      171.5      147.7
Cash and cash equivalents                         29.2       33.7       43.4
                                              --------   --------  ---------
                                                 199.1      212.9      199.1
                                              --------   --------  ---------
Total assets                                   2,281.7    2,313.6    2,286.8
                                              --------   --------  ---------
Non-current liabilities
Borrowings                                      (382.2)    (470.7)    (440.8)
Obligations under finance leases                 (16.1)     (24.0)     (17.7)
Retirement benefit obligation          13       (330.8)    (338.3)    (321.9)
Deferred tax liabilities                        (538.0)    (543.7)    (540.9)
Long term provisions                              (9.9)      (8.6)      (8.1)
Derivative financial instruments       10        (59.0)         -          -
                                              --------   --------  ---------
                                              (1,336.0)  (1,385.3)  (1,329.4)
                                              --------   --------  ---------
Current liabilities
Borrowings                                       (27.2)     (63.5)     (36.4)
Trade and other payables                        (173.9)    (188.8)    (175.0)
Current tax liabilities                          (39.3)     (33.0)     (33.2)
Obligations under finance leases                  (2.3)      (2.8)      (2.5)
Short term provisions                             (4.5)      (5.0)      (4.7)
                                              --------   --------  ---------
                                                (247.2)    (293.1)    (251.8)
                                              --------   --------  ---------
Total liabilities                             (1,583.2)  (1,678.4)  (1,581.2)
                                              --------   --------  ---------
Net assets                                       698.5      635.2      705.6
                                              ========   ========  =========
Equity
Share capital                                    (29.8)     (29.5)     (29.7)
Share premium account                         (1,105.9)  (1,096.7)  (1,101.7)
Revaluation reserves                              (4.9)      (5.0)      (4.9)
Capital redemption reserve                         0.5          -          -
Retained earnings and other                      441.6      499.7      430.7
reserves
                                              --------   --------  ---------
Equity attributable to equity
holders                                         (698.5)    (631.5)    (705.6)
of the parent

Minority interest                                    -       (3.7)         -
                                              --------   --------  ---------
Total equity                                    (698.5)    (635.2)    (705.6)
                                              ========   ========  =========


Trinity Mirror plc

Consolidated cash flow statement (unaudited)
For the 26 week period to 3 July 2005

                                        Notes   26 weeks   26 weeks   53 weeks
                                                      to         to         to
                                                  3 July    27 June  2 January
                                                    2005       2004       2005
                                                                     (audited)
                                                      £m         £m         £m
                                                                 

Cash flows from operating
activities
Cash generated from operations             11      129.9      127.4      288.8
Income tax paid                                    (29.1)     (22.9)     (55.6)
                                                 --------   --------  ---------
Net cash from operating activities                 100.8      104.5      233.2

Investing activities
Interest received                                    0.8        0.3        0.8
Dividends received from associated                   
undertakings                                         0.6        3.2        3.2
Purchase of shares from minority                       
interests                                              -          -       (4.5)
Net cash balances disposed of with                     
subsidiary undertaking                                 -       (2.1)      (2.1)
Proceeds from sales of subsidiary                      
undertakings                                           -       44.7       44.7
Proceeds on disposal of property,                   
plant and equipment                                  0.9        1.0        1.8
Purchases of property, plant and                  
equipment                                          (13.2)     (14.8)     (37.3)
Proceeds from sale of motor cycle                      
show business                                          -        0.2        0.2
                                                 --------   --------  ---------
Net cash (used in)/from investing                 
activities                                         (10.9)      32.5        6.8
                                                 --------   --------  ---------
Financing activities
Dividends paid                                     (41.7)     (37.6)     (55.1)
Dividend paid to minority                              
shareholders                                           -       (0.1)      (0.1)
Interest paid                                      (16.9)     (17.9)     (33.8)
Interest paid on finance leases                     (0.6)      (0.7)      (2.2)
Repayments of borrowings                           (13.7)     (84.8)    (138.2)
Principal payments under finance                   
leases                                              (1.8)      (4.4)     (11.0)
Purchase of shares under share                    
buy-back                                           (32.5)         -          -
Issue of shares                                      4.3        7.3       12.5
Purchase of own shares under LTIP                   (5.7)      (6.2)      (6.2)
Increase in bank overdrafts                          4.5        6.8        3.2
                                                 --------   --------  ---------
Net cash used in financing                      
activities                                        (104.1)    (137.6)    (230.9)
                                                 --------   --------  ---------
Net (decrease)/increase in cash and               
cash equivalents                                   (14.2)      (0.6)       9.1
Cash and cash equivalents at the                    
beginning of period                                 43.4       34.3       34.3
                                                 --------   --------  ---------
Cash and cash equivalents at the                    
end of period                                       29.2       33.7       43.4
                                                 ========   ========   ========


Trinity Mirror plc

Notes to the interim financial report (unaudited)

1. General information

The financial statements for the 26 weeks to 3 July 2005 do not constitute
statutory accounts for the purposes of Section 240 of the Companies Act 1985 and
have not been audited. No statutory accounts for the period have been delivered
to the Registrar of Companies.

The financial information in respect of the 53 weeks ended 2 January 2005 has
been produced using extracts from the statutory accounts under UK GAAP for this
period and amended by adjustments arising from the implementaion of
International Financial Reporting Standards (IFRS). The statutory accounts for
this period have been filed with the Registrar of Companies. The auditors'
report on these accounts was unqualified and did not contain a statement under
Sections 237 (2) or (3) of the Companies Act 1985 which deal respectively with
the maintaining of proper accounting books and records and the availability of
information to the auditors. The financial information presented on pages 9 to
36 has been prepared based on the adoption of IFRS, including International
Accounting Standards (IAS) and interpretations issued by the International
Accounting Standards Board (IASB) and its committees, as interpreted by any
regulatory bodies relevant to the Group. These are subject to ongoing amendment
by the IASB and subsequent endorsement by the European Commission and are
therefore subject to change. As a result the accounting policies used to prepare
the interim financial report will need to be updated for any subsequent
amendment to IFRS required for first time adoption, or any new standards that
the Group may elect to adopt early.

The auditors have carried out a review of the interim report and their report is
set out on page 37.

The interim report was approved by the directors on 28 July 2005. This
announcement is being sent to shareholders and will be made available at the
company's registered office at One Canada Square, Canary Wharf, London, E14 5AP.

2. Accounting policies

The policies set out below have been consistently applied to all the years
presented except for those relating to the classification and measurement of
financial instruments.

Trinity Mirror plc consolidated financial statements were prepared in accordance
with Generally Accepted Accounting Principles (UK GAAP) until 2 January 2005. UK
GAAP differs in some areas from IFRS. In preparing Trinity Mirror plc 2005
consolidated interim financial statements, management has amended certain
accounting, valuation and consolidation methods applied in the UK GAAP financial
statements to comply with the recognition and measurement criteria of IFRS. The
comparative figures in respect of 2004 were restated to reflect these
adjustments.

The Group has made use of the exemption available under IFRS 1 to only apply
IAS32 "Financial Instruments: Disclosure and Presentation" (IAS 32) and IAS 39
"Financial Instruments: Recognition and Measurement" (IAS 39) from 3 January
2005.

Reconciliations and descriptions of the effect of the transition from UK GAAP to
IFRS on the Group's equity and its net income and cash flows are provided in
note 17.


Basis of consolidation

The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company for the 26 weeks to 3 July
2005.


Associates

Associates are all entities over which the Group has significant influence but
not control and are accounted for by the equity method of accounting, initially
recognised at cost.

The Group's share of its associates' post-acquisition profits or losses is
recognised in the income statement, and its share of post-acquisition movements
in reserves is recognised in reserves.


Goodwill

Goodwill arising on consolidation represents the excess of the cost of
acquisition over the Group's interest in the fair value of the identifiable
assets and liabilities of a subsidiary, associate or jointly controlled entity
at the date of acquisition.

Goodwill is recognised as an asset and reviewed for impairment at least
annually. Any impairment is recognised immediately in profit or loss and is not
subsequently reversed.

On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit
or loss on disposal.

Goodwill arising on acquisitions before the date of transition to IFRS has been
retained at the previous UK GAAP amounts subject to being tested for impairment
at that date.



2.Accounting policies (continued)

Revenue recognition

Revenue comprises Group sales, net of applicable discounts and value added tax.
Advertising revenue is recognised upon publication and circulation revenue is
recognised at the time of sale. Other revenue is recognised at the time of sale
or provision of service.


Property, plant and equipment

Property, plant and equipment are stated in the balance sheet at cost less any
subsequent accumulated depreciation and subsequent accumulated impairment
losses.

Assets in the course of construction are carried at cost, less any recognised
impairment loss. Depreciation commences when the assets are ready for their
intended use.

Depreciation is charged so as to write off the cost, other than assets under
construction, using the straight-line method over the estimated useful lives
detailed below:

Property                          15 - 67 years
Plant and equipment                3 - 25 years

Assets held under finance leases are depreciated over their expected useful
lives on the same basis as owned assets or, where shorter, over the term of the
relevant lease.


Intangibles


Intangibles comprise acquired publishing rights and titles. These have an
indefinite life and are not amortised. The carrying value is based on fair value
attributed on acquisition less any subsequent impairment.


Impairment of assets excluding goodwill

The Group reviews, annually, the carrying amounts of its tangible and intangible
assets to determine whether those assets have suffered an impairment loss. If
any such loss exists, the recoverable amount of the asset is estimated in order
to determine the extent of the impairment loss (if any). An intangible asset
with an indefinite useful life is tested for impairment annually and whenever
there is an indication of a loss the asset may be impaired.

Recoverable amount is the higher of fair value less disposal costs and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using the Group's weighted average cost of capital.

If the recoverable amount of an asset is estimated to be less than its carrying
amount, the carrying amount of the asset is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately.


Financial instruments

Financial assets and financial liabilities are recognised on the Group's balance
sheet when the Group becomes a party to the contractual provisions of the
instrument.

Trade receivables

Trade receivables do not carry any interest and are stated at their nominal
value as reduced by appropriate allowances for estimated irrecoverable amounts.

Investments

Investments are classified as available-for-sale, and are initially measured at
cost and subsequently reported at fair value. Available-for-sale investments and
gains and losses arising from changes in fair value are recognised directly in
equity, until the security is disposed of or is determined to be impaired, at
which time the cumulative gain or loss previously recognised in equity is
included in the net profit or loss for the period.

2.Accounting policies (continued)

Borrowings

Interest-bearing loans and bank overdrafts are recorded at the proceeds
received, net of direct issue costs. Finance charges, including premiums payable
on settlement or redemption and direct issue costs, are accounted for on an
accrual basis to the income statement using the effective interest method and
are added to the carrying amount of the instrument to the extent that they are
not settled in the period in which they arise.

Trade payables

Trade payables are not interest-bearing and are stated at their nominal value.

Derivative financial instruments

The Group uses derivative financial instruments, including cross-currency
interest rate swaps, interest rate swaps and other hedging instruments, to
minimise exposure to the financial risks of changes in foreign currency exchange
rates and interest rates. The Group does not use derivative financial
instruments for speculative purposes.

Since 3 January 2005 derivative financial instruments are now separately
recognised at fair value in the financial statements. Changes in the fair value
of derivative financial instruments are recognised immediately in the income
statement.

Derivatives embedded in commercial contracts are treated as separate derivatives
when their risks and characteristics are not closely related to those of the
underlying contracts, with unrealised gains or losses reported in the income
statement.


Tax

The tax expense represents the sum of the corporation tax currently payable and
deferred tax.

The corporation tax currently payable is based on taxable profit for the year.
Taxable profit differs from profit before tax as reported in the income
statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable
or deductible.

Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also
dealt with in equity.

Employee benefits - Retirement benefit costs

The Group operates a number of funded defined benefit (final salary pension)
schemes, all of which have been set up under Trusts that hold their financial
assets separately from those of the Group. In addition, a number of defined
contribution arrangements are currently operated.

Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due.

The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets, together with adjustments
for unrecognised actuarial gains or losses and past service costs. The defined
benefit obligation is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined benefit
obligation is determined by discounting the estimated future cash outflows using
interest rates of high-quality corporate bonds approximating to the terms of the
related pension liability. Unrealised gains and losses are recognised in equity
as an item within the statement of changes in equity.


2. Accounting policies (continued)


Share-based payments

The Group has applied the requirements of IFRS 2 Share-based Payments. In
accordance with the transitional provisions, IFRS 2 has been applied to all
grants of equity instruments after 7 November 2002 that were invested as of 3
January 2005. The Group issues equity-settled benefits to certain employees.
These equity-settled share-based payments are measured at fair value at the date
of grant. The fair value is determined at the grant date and is expensed on a
straight-line basis over the vesting period, based on the Group's estimate of
shares that will eventually vest.

Fair value is measured by use of a binomial model. The expected life used in the
model has been adjusted, based on management's best estimate, for the effects of
non-transferability, exercise restrictions, and behavioural considerations.


Dividend distribution

Dividend distribution to the Company's shareholders is recognised as a liability
in the Group's financial statements in the period in which the dividends are
approved.


Application of IFRS 1

The Group's financial statements for the year ended 1 January 2006 will be the
first annual financial statements that comply with IFRS. These interim financial
statements have been prepared as described in note 1 including the principles
set out in IFRS 1.

The Group's transition date is 29 December 2003.

IFRS 1 sets out the procedures to be followed when adopting IFRS for the first
time as the basis for preparing the Group's consolidated financial statements.
The Group is required to establish its IFRS accounting policies as at 1 January
2006 and, in general, apply these retrospectively to determine the IFRS opening
balance sheet at the date of transition. IFRS 1 provides a number of optional
exemptions to this general principle. The most significant of these are set out
below, together with a description, in each case, of the exemption adopted by
the Group.

• Business combinations - IFRS 3, Business Combinations

The Group has elected not to restate business combinations recognised before the
date of transition.

• Fair value as 'deemed' cost - IAS 16, Property, Plant and Equipment

The Group has elected, where appropriate, to use fair value as the 'deemed' cost
of plant, property and equipment on adoption of IFRS.

• Employee Benefits - IAS 19, Employee Benefits

The Group has elected to recognise all cumulative actuarial gains and losses in
relation to employee benefit schemes at the date of transition. In subsequent
periods all actuarial gains and losses will be recognised in full in the period
in which they occur in the statement of changes in equity in accordance with the
amendment to IAS 19, issued on 16 December 2004.

• Financial Instruments - IAS 32, Financial Instruments:
Disclosure and Presentation and IAS 39, Financial Instruments: Recognition and
Measurement

The Group has elected to adopt IAS 32 and IAS 39 from 3 January 2005. Therefore
the comparative financial information in respect of financial instruments is
presented in accordance with UK GAAP.

• Share-based Payments - IFRS 2, Share-Based Payments


The Group has elected to apply IFRS 2 to all share-based awards and options
granted post 7 November 2002 but not vested at 3 January 2005.

3. Business segments

For management purposes, the Group is currently organised into the following
divisions: Regionals, Nationals, Sports, Magazines & Exhibitions and Central