Trinity boosted by better than expected Christmas advertising
TRINITY Mirror saw its share price jump 4.4 per cent yesterday after announcing its 2013 profit would beat market forecasts after better than expected trading in November and December.
Shares in Trinity closed at 183.25p yesterday, despite the firm also stating it would expect two additional impairment charges of a combined £925m for assets and investments in its subsidiary companies.
“The impairment charges are driven by technical accounting requirements. They do not relate to or impact the progress we are making with our strategy and I continue to believe that the business has significant long term potential,” said chief executive Simon Fox.
The company said operating profit for 2013 would be four per cent ahead of market expectations due to an increase in digital revenue during the fourth quarter.
“I am pleased with the group’s performance for 2013, which is ahead of our expectations following a better than anticipated end to the year,” added Fox.
“January trading is down four per cent and digital revenue up 32 per cent (still less than five per cent of group revenues but infrastructure in place and gaining traction),” said Liberum media analyst Ian Whittaker.