A slowing down in the rate advertising revenues are collapsing has given the publishers of the Daily Record and Sunday Mail newspapers cause for some optimism, according to its latest financial statement.
Says Trinity Mirror plc – in its interim financial statement covering the 17 weeks up to the 25th of last month: “Although trading conditions have remained difficult since the half year, with continued pressure on revenues from the poor economic environment, we have seen an improvement in the rate of decline in revenues.”
It continues: “The board takes comfort from the positive effects of the range of management initiatives which are driving efficiencies through the re-engineering of core business processes and so further reducing costs.
“As a result, 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.”
On Wednesday, allmediascotland.com reported the publishers of The Scotsman, Johnston Press, also sounding a relatively positive note, regarding advertising income.
Trinity's group-wide revenues for the 17 weeks fell by 12 per cent, compared to a 17 per cent drop during the first half of this year.
Group advertising revenues for the year to date have fallen by 25 per cent, made up of a decline of 28 per cent for the first half and 20 per cent for the 17 weeks up to the 25th of last month.
In particular, for the nationals division of Trinity – which includes the Record and the Sunday Mail – advertising revenues were down by 11 per cent for the year to date, reflecting a decline of 14 per cent for the first half and a six per cent one for the 17 weeks up to the 25th of last month.
Trinity’s net debt is down to £354 million, down from £370 million at the end of June.
During this year, Trinity has closed over 20 titles – as far as allmediascotland.com is aware, all in England and Wales.