Trinity Mirror plc has published its half year results to 3 July, stating that it will continue to invest in digital growth, which has seen monthly page views rise by 19% (to 770m).
It is, however, the print and publishing side of the business which continues to show falls. While digital revenue grew by 14%, publishing dropped by 8% and print by 10%.
Income through print advertising and circulation also fell by 17% and 5%.
It means that overall, Group revenue fell by 8% on a like for like basis over the period, with a 9% decline in the first quarter, followed by a 7% decline in the second.
“I am pleased we delivered another strong performance despite the challenging print environment. We are already seeing the benefits from our acquisition of Local World last year and continue to tightly manage the cost base across the Group,” stated Simon Fox, chief executive, Trinity Mirror plc.
“Our strategic focus remains to grow digital audience and revenue whilst protecting print revenue and profit. We are confident that our strategy and our strong balance sheet position will enable continued progress despite increased uncertainty around the economic environment.”
The Group saw a stronger performance in the second quarter, partly due to the performance of home teams, during the European Football Championship – this led to increased spend from gaming and betting.
The acquisition of Local World, plus an additional week of trading saw its operating profit grow by 44.3% and adjusted profit before tax rise by 42.3%.
The company has put aside £41m for the phone hacking scandal and says that at the moment, £31m “remained unutilised”