Trinity Mirror Sees Sales Decline as Print Ad Revenue PlummetsBy
Trinity Mirror Plc, the owner of Britain’s Daily Mirror tabloid, predicted a decline of 9 percent in third-quarter sales as the publisher continues to be hit by a slide in print advertising revenue and dwindling circulation.
Publishing revenue is expected to fall by 10 percent with print declining by 12 percent and digital advancing 11 percent, in a “challenging” quarter, the company said in a statement Friday.
The company said it will deliver structural cost savings of about 20 million pounds ($26 million) for the full year, 5 million pounds ahead of its initial target. Profit for the year is expected to be in line with market expectations, it said.
Like its rivals, Trinity Mirror faces the task of creating a sustainable business model while more consumers opt to read news online for free instead of paying for the print version. Daily Mail & General Trust Plc, the publisher of the rival Daily Mail tabloid, reported on Thursday a decline of 2 percent in 11-month underlying revenue in a weak U.K. print advertising market.
Trinity Mirror fell 2.9 percent to 89 pence at 2:10 p.m. in London.
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