This announcement contains inside information.
We continue to make good progress against our strategic initiatives whilst supporting profits and delivering strong cash flows. The Board is confident that performance* for the year will be marginally ahead of expectations, with net debt falling to around
Group revenue** on a like for like basis is expected to fall by below 8% in the fourth quarter compared to a decline of 9% in the third quarter and a decline of 8% in the first half. Publishing revenue is expected to fall by 8% in the final quarter with print declining by 10% and digital growing by 8%. Print advertising and circulation revenue is expected to fall by 17% and 5% respectively. Classified digital revenues, which are substantially jointly sold with print, continue to remain under pressure but we are expecting to deliver strong growth in digital display and transactional revenue of 18%.
The Group has acquired 2.5 million shares for
The Group has disposed of its office building in Cardiff, which is only partially occupied by our business, Media Wales, for net proceeds of
We have made good progress on settling civil claims arising from phone hacking with damages for over 80% of claims now settled. However, to maintain momentum in bringing the process to a conclusion it is clear that costs, in particular the claimants' legal costs, will be higher and this has caused us to increase the provision for dealing with these historic matters by
The person who arranged for the release of this announcement on behalf of Trinity Mirror was
020 7293 3553
020 7404 5959
Simon Fox, Chief Executive
Vijay Vaghela, Group Finance Director
Mike Smith, Partner
Will Medvei, Director
The statement on future performance is given as at the date of this announcement and is subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in the statement. The Company undertakes no obligation to update this forward-looking statement.
*On an adjusted basis excluding non-recurring items, restructuring charges in respect of cost reduction measures, the amortisation of intangible assets, the pension administrative expenses, the retranslation of foreign currency borrowings, the impact of fair value changes on derivative financial instruments, the pension finance charge and the impact of tax legislation changes.
** Like for like assumes Local World was owned from the beginning of 2015 and excludes revenue from the Independent print and distribution contract which ceased in