Trinity Mirror says:
The Board continues to expect performance for the year to be in line with expectations.
Whilst the trading environment remains volatile, revenue trends have seen some improvement in the third quarter (13 weeks to 27 September 2015) with revenue falling by 9% against a 13% decline in the second quarter (13 weeks to 28 June 2015). Underlying revenue* fell by 7% in the third quarter compared to the 10% decline in the second quarter. On an underlying basis Publishing revenue fell by 6% with print declining by 8% and digital growing by 24%.
We continue to deliver strong growth in our digital audience with average monthly unique users and page views growing by 31% and 48% respectively in the third quarter. Publishing digital revenue grew by 24% with Publishing digital display advertising revenue growing by 33%.
We have seen an improvement in trends with underlying circulation and print advertising revenue for the Publishing division falling by 5% and 16% respectively in the third quarter. This compares to underlying declines in circulation and print advertising revenues of 5% and 23% respectively in the second quarter.
We continue to make good progress against our strategic initiatives and the business continues to deliver strong cash flows and remains on track to deliver structural cost savings of £20 million for the year.
On 10 August 2015, our subsidiary MGN Limited was granted permission to appeal the judgment handed down on 21 May 2015 by Mr Justice Mann in relation to civil claims relating to phone hacking. We can now confirm that the appeal, which has been expedited, will be heard over two days during the week commencing 19 October 2015. At this stage we cannot be specific on the timing of the outcome of the appeal.
