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Profits of £70.8m for Post publisher
Aug 1 2008 by Alex Turner, Liverpool Daily Post
DAILY POST publisher Trinity Mirror has announced pre-tax profits of £70.8m for the first six months.
The group, which operates more than 350 media brands including 150 regional news-papers alongside the Mirror titles, had half-year revenues of £460.8m, down slightly on the same period a year ago.
The board acknow-ledged that the econom-ic outlook had been uncertain and advertis-ing revenues in particular had been hit.
Sly Bailey, Trinity Mirror chief executive, said: “The numerous actions we took during the period to reduce our costs and improve our efficiency, product portfolio and balance sheet have served to partly offset the impact of the serious down-turn in advertising ex-penditure being exper-ienced by consumer-facing media busines-ses. We have imple-mented further effic-iencies which will de-liver at least an addi-tional £20m of savings in 2009 by accelerating technological improve-ments to processes across editorial, adver-tising and pre-press.”
Trinity Mirror said total digital revenues from retained busi-nesses grew by 40% to £22.3m. Shares rose nearly 4% yesterday.
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