The following statement will be provided to shareholders by the Chairman of Trinity Mirror plc, Sir Ian Gibson, at today's Annual General Meeting:
"As we indicated at the Group's preliminary results announcement on 1 March, although the advertising environment remains challenging and volatile from month to month, we continue to expect advertising market conditions to stabilise during the year with the rate of decline slowing. The Board continues to have confidence that our 2007 performance will be in line with expectations.
"Group advertising revenue for the first four months fell by 2.4%. Excluding the acquired digital businesses, Group advertising revenues for the first four months fell by 3.0%.
"For our Regionals division advertising revenues decreased by 2.3%. By category display fell by 1.2%, recruitment fell by 3.0%, motors fell by 11.4%, property increased by 4.1% and other categories fell by 4.3%. Excluding the acquired digital businesses, the Regionals division advertising revenues for the first four months fell by 3.3%.
"Advertising revenues for our Nationals division fell by 4.0%.The Scottish Nationals achieved a strong advertising revenue performance with growth of 0.9% with the UK Nationals advertising revenues falling by 5.8%.
"For the Sports division advertising revenues increased by 17.7% reflecting significantly weaker comparatives partially due to a competitive launch which has since ceased publication.
"Digital revenues for our Regionals division, including organic and acquired businesses, achieved strong underlying growth of 24.8%. Our Nationals division also achieved strong growth of 30.7% for the period.
"Group circulation revenues for the first four months fell by 0.5%. Circulation revenues for our Scottish Nationals and our Sports division increased by 0.3%, and for the Regionals and UK Nationals they fell by 0.8% and 0.7% respectively.
"We continue to make encouraging progress on the disposal of our Regional businesses in the Midlands and London and the South East, and the Sports division and expect to complete these transactions as planned during the second and third quarters."