According to Trinity Mirror plc:
Key Highlights
• Profit before tax up 2.6% to £101.3 million
Tight cost management and reduced interest charges on lower debt supported profit growth despite revenue
falling by 6.0% to £663.8 million. Clear improvement in revenue trends as the year progressed.
• EPS growth of 7.0% to 32.0 pence
Driven by increased profit before tax and a fall in the adjusted tax rate.
• Strong cash flows drive further reduction in net debt of £45.8 million
Net debt reduced to £97.0 million after investing £14.2 million in Local World and bringing forward £9.1 million
of pension funding payments due in 2014. On track to repay £44.2 million of maturing debt in June 2014
substantially from cash flow.
• Strong growth in digital audience and digital display advertising revenue
Average monthly unique users grew by 58.9% and average monthly page views grew by 66.3% year on
year across our publishing operations with digital display advertising revenue growing by 30.1%.
• A non cash impairment charge of £225.0 million (£180.7 million net of deferred tax) against
the carrying value of goodwill and other intangible assets
As previously announced the non cash impairment of historic goodwill and publishing rights and titles has
impacted the statutory results but does not affect adjusted results.
• Strategic initiatives delivering tangible benefits
Improving print revenue trends, strong digital audience growth and good momentum on digital revenues.
• Current trading
2014 has started in line with expectations, with year on year revenue declines in the first two months of 3%
and continued strong growth in publishing digital revenues.
Commenting on the annual results for 2013, Simon Fox, Chief Executive, Trinity Mirror plc, said: "Strong print and digital revenue trends at the end of 2013 enabled us to finish the year ahead of expectations.
It is clear to me that our strategy for growth, which I outlined in March last year, is gaining momentum. I am particularly pleased with our rapidly growing digital audience and with the benefits we are driving in harnessing the combined strength of our national and regional titles.
I look forward to making further progress with our strategic objectives during 2014."
