Shares in newspaper group Trinity Mirror (LON:TNI) are up by nearly 10% after releasing its half yearly earnings report.
The market reacted positively to the news that Daily and Sunday Mirror publisher expects to hit 2015 profit forecasts. The group was also net cash positive for the first time in its history.
Recent restructuring has led to cost savings of £7 million, and lower newsprint prices have contributed to overall operating costs falling by £32.9 million.
However, group revenue fell by 11.0% and publishing revenue fell by 9.6%. The papers’ digital content performed strongly, with average monthly uses growing by 55 percent. Revenue from digital advertising was up 44 percent.
Chief Executive Simon Fox commented:
“We remain confident that our strategy will deliver sustainable growth in revenue and profit over the medium term despite the difficult print advertising market conditions. The actions we are taking in support of both our print and digital products provide the Board with confidence that profits for 2015 will be in line with expectations.”
Trinity Mirror is currently trading up 9.21 percent at 145.25 pence per share.
