Trinity Mirror 'revenue decline improving'

Trinity Mirror reports in an Interim Management Statement today, covering the 17 weeks of trading to 25th October 2009, that the company has seen seen an improvement in the rate of decline in revenues.
The statement says: "Early indications for November are that advertising revenues for the nationals will fall by around 5% and for the regionals by around 22%. Group circulation revenues are expected to fall by around 1% for November."
Trinity says the group remains on track to deliver structural cost savings of £35 million with the absolute cost base falling by at least £65 million for the full year. Net debt has fallen by a further £16 million during the period.

The statement adds: "Whilst the trading environment will continue to be challenging over the remainder of the year and into 2010, we anticipate that the rate of decline in revenues will continue to improve. This coupled with ongoing management initiatives to drive revenues andreduce costs will support profitability."

Group revenues for the period fell by 12% reflecting an improvement of 5 percentage points from the declines of 17% experienced in the first half. Group advertising revenues in the year to date have fallen by 25% reflecting a decline of 28% for the first half and 20% for the period.

Trinty Mirror says of the regional division "advertising revenues have fallen by 32% year to date reflecting a decline of 35% for the first half and an improved rate of decline of 27% forthe period."
For the national titles "advertising revenues have fallen by 11% year to date reflecting a decline of 14% for the first half and a material improvement in the rate ofdecline to only 6% for the period."

Group circulation revenues have fallen by 4% year to date with a decline of 8% forthe regionals and 3% for the nationals. Circulation revenues in the period fell by 7%for the regionals and 2% for the nationals.Group digital revenues have fallen by 19% year to date with a decline of 19% for theregionals and 17% for the nationals.
Trinity says: "The challenging advertising market has necessitated the closure of 4 regional newspaper titles since the half year. This is in addition to 22 regional newspaper titles closed in the first half."