Trinity Mirror’s shares jump as group shows signs of recovery
TRINITY Mirror’s shares jumped 11.6 per cent yesterday as the publisher reported a strong performance online.
Digital revenues increased by nine per cent in the quarter, including 24 per cent growth in the nationals division reflecting the relaunch of MirrorOnline.
But total group revenues fell four per cent as advertising sales took an 11 per cent hit in the 17 week period.
Circulation revenue was one per cent higher in the quarter following a ten per cent increase in January and February. However, sales in March and April were impinged by the launch of the Sun on Sunday. Net debt was reduced to £197m.
The results coincided with Trinity Mirror’s annual meeting, at which 46 per cent of shareholders voted against the remuneration report, despite chief executive Sly Bailey’s resignation last week.