Trinity Mirror Doubles Cost Saving Target
Publishing group Trinity Mirror have raised cost saving targets from £10M to £20M.
In March, Trinity Mirror announced a cost saving target for the entire year of £10M. Now, 3 months later, the company has announced that this cost saving target will be increased to £20M.
The publishing group has announced that revenue is expected to fall 11% year on year for the 6 months to 28th June 2015.
Publishing revenue is expected to fall by 9%, while print is expected to fall by 11%.
Digital revenue, however, is expected to grow by 26% for the same period.
Trinity Mirror also stated that the average monthly unique users and page views have increased by around 50% year on year, which has meant that digital display revenue has increased by more than 40%.
Print revenue, however, is expected to fall by 19%, or 17% on an underlying basis for the same period.
In addition to this, circulation revenue for the publishing group is expected to fall by 6%.
In the same statement, Trinity Mirror reiterated that it intends to seek permission to appeal the £1.2M phone-hacking payout it has been issued by the High Court.
Since November 2014, Trinity Mirror has closed 18 newspapers nationwide, and launched just one.
In addition to this, 27 jobs were lost across Trinity Mirror, including all 14 staff working across websites Ampp3d, UsvsTh3m and Row Zed.