The publisher of the Manchester Evening News posted half-year results this morning that included a commitment to cut £20m from its cost base, up one-third from its original plan of £15m.
Profit before tax is down 12.7% to £61.3m year-on-year for the 26 weeks ending 2 July 2017.
Print advertising revenue fell by 26.8% to £93.1m. Like-for-like print ad revenue fell by 20.9%, while overall revenue at the group declined by 14.2% compared with the first six months of 2016 to £296.4m, while overall print revenue fell by 16.6% to £255m. This loss was far from mitigated by a 4.3% increase in digital revenue to £41.4m.
The company said print display advertising was down across a number of sectors, including retail.
Commenting on the interim results for 2017, Simon Fox, Chief Executive, Trinity Mirror plc, said:
“Whilst the trading environment for print in the first half was volatile, we remain on course to meet expectations for the year. I continue to anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”