Trinity Mirror on track to meet full-year expectations

Trinity Mirror said it's on track to meet its performance expectations for the year, as it highlighted some improvement in third-quarter revenue trends.

The company said revenue fell 9% in the third quarter, compared with a 13% drop in the second. Underlying revenue fell by 7% compared with a 10% decline in the second quarter.

On an underlying basis, Publishing revenue was down 6% with Print declining 8% and Digital up 24%.

The company said it has seen an improvement in trends with underlying circulation and print advertising revenue for the Publishing division falling by 5% and 16% respectively in the third quarter. This compares to underlying declines in circulation and print advertising revenues of 5% and 23% respectively in the second quarter.

“We continue to make good progress against our strategic initiatives and the business continues to deliver strong cash flows and remains on track to deliver structural cost savings of £20m for the year,” Trinity said.

In August, the company’s subsidiary MGN Limited was granted permission to appeal the judgment handed down on 21 May by Mr Justice Mann in relation to civil claims relating to phone hacking. Trinity confirmed on Monday that the appeal, which has been expedited, will be heard over two days during the week commencing 19 October 2015.