More cuts on the way at Trinity Mirror

Trinity Mirror has increased its 2009 target for cost savings from £20m to £25m after reporting a 22 per cent decline in like-for-like full-year profits, Press Gazette says today.
It reports: "Faced with falling revenues and inflationary cost pressures, particularly significant newsprint price increases, 2009 will see a continued focus on the management of costs," the company warned today.
"This includes a tight recruitment policy and the implementation of a group-wide pay freeze. We are confident of achieving new cost savings."
Group revenues in 2008 fell 6.5 per cent from £932.3m to £871.7m, according to the newly released accounts. Trinity Mirror said the trend was likely to continue, with advertising revenue in January and February down 30 per cent on the same period last year - 37 per cent in the regionals and 10 per cent in the nationals.
In the regionals, profits fell 37.4 per cent to £68.2m and the profit margin fell from 24.5 per cent to 17.2 per cent.