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Trinity Mirror: 'too soon' to know outcome of phone-hacking inquiry Trinity Mirror: 'too soon' to know outcome of phone-hacking inquiry
(4 months later)
Trinity Mirror has said that it still "too soon" to know the outcome of an investigation it has ordered by an external law firm into the arrest of six current and former journalists over allegations of phone hacking and making inappropriate payments to public officials.Trinity Mirror has said that it still "too soon" to know the outcome of an investigation it has ordered by an external law firm into the arrest of six current and former journalists over allegations of phone hacking and making inappropriate payments to public officials.
The publisher, which is also fighting off allegations made in four civil claims of phone hacking from well-known figures including Sven Goran Eriksson, gave the legal update as part of a financial report published on Thursday.The publisher, which is also fighting off allegations made in four civil claims of phone hacking from well-known figures including Sven Goran Eriksson, gave the legal update as part of a financial report published on Thursday.
Trinity Mirror, which revealed a 13% year-on-year decline in advertising revenues for 2013 to date, said it is continuing to take the allegations seriously.Trinity Mirror, which revealed a 13% year-on-year decline in advertising revenues for 2013 to date, said it is continuing to take the allegations seriously.
"We will not accept wrongdoing within our businesses and take these allegations seriously," the company said on Thursday. "In addition to co-operating with the police we have asked external lawyers to investigate all the allegations that have been made against our employees. It is too soon to know how these matters will progress and further updates will be made if there are any significant developments.""We will not accept wrongdoing within our businesses and take these allegations seriously," the company said on Thursday. "In addition to co-operating with the police we have asked external lawyers to investigate all the allegations that have been made against our employees. It is too soon to know how these matters will progress and further updates will be made if there are any significant developments."
In March the publisher was rocked by the arrest of Sunday People editor James Scott and Tina Weaver, the ex-Sunday Mirror editor, over allegations of phone hacking relating to the Sunday Mirror between 2003 and 2004.In March the publisher was rocked by the arrest of Sunday People editor James Scott and Tina Weaver, the ex-Sunday Mirror editor, over allegations of phone hacking relating to the Sunday Mirror between 2003 and 2004.
The other two arrested in March were Nick Buckley, the deputy Sunday People editor, and Mark Thomas, the former People editor, who also both formerly worked for the Sunday Mirror.The other two arrested in March were Nick Buckley, the deputy Sunday People editor, and Mark Thomas, the former People editor, who also both formerly worked for the Sunday Mirror.
Last year former Mirror journalist Greig Box-Turnbull was arrested in connection with Operation Elveden probe into alleged corrupt payments to public officials.Last year former Mirror journalist Greig Box-Turnbull was arrested in connection with Operation Elveden probe into alleged corrupt payments to public officials.
"The company continues to co-operate with the police in their investigations and none of the journalists have been charged," the company reiterated on Thursday."The company continues to co-operate with the police in their investigations and none of the journalists have been charged," the company reiterated on Thursday.
Trinity Mirror also said that its application to the high court to get two of the four civil claims of alleged phone hacking struck out is still progressing.Trinity Mirror also said that its application to the high court to get two of the four civil claims of alleged phone hacking struck out is still progressing.
"An application has been made to the court (which is yet to be heard) to have two of those claims struck out in their entirety as having no reasonable prospect of success, and the general basis of the other two claims has been challenged," the company said."An application has been made to the court (which is yet to be heard) to have two of those claims struck out in their entirety as having no reasonable prospect of success, and the general basis of the other two claims has been challenged," the company said.
In its financial update Trinity Mirror said that while the advertising market remained tough, the rate of decline in total revenues has improved thanks to sales and a cover price rise at the Daily Mirror.In its financial update Trinity Mirror said that while the advertising market remained tough, the rate of decline in total revenues has improved thanks to sales and a cover price rise at the Daily Mirror.
The publisher, which holds its annual general meeting later on Thursday, said the advertising market "remains difficult" with digital advertising revenues declining year on year.The publisher, which holds its annual general meeting later on Thursday, said the advertising market "remains difficult" with digital advertising revenues declining year on year.
Despite this digital decline online display ad income grew 8% in the year to date, with a 13% boost in March and April.Despite this digital decline online display ad income grew 8% in the year to date, with a 13% boost in March and April.
The company said that its digital business is showing good growth with unique users up 25% year on year and page views up 36% year on year in the three months to the end of March.The company said that its digital business is showing good growth with unique users up 25% year on year and page views up 36% year on year in the three months to the end of March.
Trinity Mirror said it was buoyed by a significant improvement in circulation revenues, which were down 13% year on year across January and February, which improved to just a 3% fall in March and April. For the year to date, circulation revenues are down 8%.Trinity Mirror said it was buoyed by a significant improvement in circulation revenues, which were down 13% year on year across January and February, which improved to just a 3% fall in March and April. For the year to date, circulation revenues are down 8%.
"The Daily Mirror in particular continues to achieve volume trends [sales] better than the market," the company said."The Daily Mirror in particular continues to achieve volume trends [sales] better than the market," the company said.
"Revenue trends have improved over the 17-week period [to 28 April] despite the trading environment remaining challenging," the publisher said. "We continue to expect an improvement in the rate of decline in revenues as we progress through the year as the benefit of our strategic initiatives start to take effect.""Revenue trends have improved over the 17-week period [to 28 April] despite the trading environment remaining challenging," the publisher said. "We continue to expect an improvement in the rate of decline in revenues as we progress through the year as the benefit of our strategic initiatives start to take effect."
Trinity Mirror said that it is on target to achieve £10m in cost savings this year.Trinity Mirror said that it is on target to achieve £10m in cost savings this year.
The company's pension deficit grew marginally to £300.9m as at the end of March.The company's pension deficit grew marginally to £300.9m as at the end of March.
Net debt has fallen by £25m to £132m in the period to 28 April.Net debt has fallen by £25m to £132m in the period to 28 April.
Trinity Mirror has £35m in cash and said that it is due to make a £55m payment on private placement loan notes in October.Trinity Mirror has £35m in cash and said that it is due to make a £55m payment on private placement loan notes in October.
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