Trinity Mirror chief executive Sly Bailey pointed today at the way the company had acquired the GMG Regional Media, publisher of the Manchester Evening News, as an example of "our ability to lead consolidation in the regional media".
Bailey was commenting on today's half-year financial report to 4 July which shows operating profit up by 25.7% to £61.7 million (2009: £49.1 million); group revenue flat at £382.2 million (2009: £383.0 million); operating margin up by 3.3 % points to 16.1%.
GMG Regional was acquired by Trinity in March for £7.4 million. Today's report says: "Since completing the acquisition the business has delivered a strong revenue and profit performance with revenues of £18.2 million and operating profit of £2.7 million, achieving a margin of 14.8%."
Bailey said: “The continued execution of our clear and consistent strategy has enabled the Group to deliver a strong performance for the first half of the year with operating profit up 25.7% and earnings per share up 58.6%.
"This was achieved despite a fragile economy and volatile trading conditions. We have continued to invest in the business through the downturn in strengthening the portfolio and delivering IT led efficiencies, in addition to maintaining a keen focus on costs. We are now reaping the benefits of these actions with profits increasing and slowing rates of decline in underlying revenues."
She added: "The acquisition of GMG Regional Media was a clear demonstration of our ability to lead consolidation in regional media in a way that adds substantial value for shareholders.
Looking ahead to the second half of the year we remain cautious on the economy but are confident of delivering a robust performance for the full year driven by stabilising revenues and continued cost efficiencies.”
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