Daily Mirror owner Trinity Mirror posts £72.7 million pre-tax profit for 2009
05 Mar 2010
Trinity Mirror, owner of the UK daily Daily Mirror and 120 regional titles, reported better-than-expected results today, with a pre-tax profit of £72.7 million for 2009. The publisher which implemented a £68 million stringent cost cutting programme last year, said it would push for a further £20 million in savings this year but not at the cost of staff and papers.
Sly Bailey, chief executive of Trinity Mirror said the company was not planning to close additional titles.
"The major activity [in terms of cost cutting] was at the beginning of the year [2009 when the ad slump hit hardest] and while I won't say we won't close anything in the future ever, we have no plans. There isno redundancy programme planned".
The statement however, does not include the Guardian Media Group Regional Media operation comprising 32 newspapers including the Manchester Evening News as it would become a part of the Trinity Mirror only after the conclusion of the sale on 28 March.
Making her first statement about the expected performance of the division, which it acquired from the MediaGuardian.co.uk's parent company GMG in February, she said that it would move from "break even to earnings enhancing" in the first full-year of ownership by Trinity Mirror. Additionally, she said she expected the margin at GMG Regional Media to reach the 11 per cent achieved by Trinity Mirror's existing regional newspaper operation in the "short to medium term".
She said it was a perfect strategic fit. She added that they were trusted and well-established brands with a real opportunity for revenue growth.
Trinity Mirror said that it had set aside £15 million in 2010 for restructuring costs, which included the cost of relocating the GMG operation to a new office.
