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| Version 1 | Version 2 |
|---|---|
| Trinity Mirror shares surge on profit report | Trinity Mirror shares surge on profit report |
| (about 3 hours later) | |
| Shares in newspaper group Trinity Mirror are up by nearly 10% in midday London trade. | |
| The move follows results in which the company said it expects to hit 2015 profit forecasts and it was net cash positive for the first time. | The move follows results in which the company said it expects to hit 2015 profit forecasts and it was net cash positive for the first time. |
| It said cost cutting and "growth in digital income" countered "challenging" conditions for print advertising. | It said cost cutting and "growth in digital income" countered "challenging" conditions for print advertising. |
| The Daily and Sunday Mirror publisher said first-half revenue fell by 8.7%, and publishing revenue fell by 8.8%. | The Daily and Sunday Mirror publisher said first-half revenue fell by 8.7%, and publishing revenue fell by 8.8%. |
| Trinity Mirror publishes a number of UK newspapers, including The People, Liverpool Echo, Manchester Evening News, and Birmingham Mail. | Trinity Mirror publishes a number of UK newspapers, including The People, Liverpool Echo, Manchester Evening News, and Birmingham Mail. |
| But cost savings helped to limit the fall in adjusted profit before tax to 2.5% to £47m in the first half. | But cost savings helped to limit the fall in adjusted profit before tax to 2.5% to £47m in the first half. |
| Meanwhile, revenue from print sales was down 11.6%. | Meanwhile, revenue from print sales was down 11.6%. |
| 'Sustainable growth' | 'Sustainable growth' |
| Simon Fox, the chief executive of Trinity Mirror, said: "The print advertising environment has been more challenging than anticipated in the first half." | Simon Fox, the chief executive of Trinity Mirror, said: "The print advertising environment has been more challenging than anticipated in the first half." |
| "As a result, whilst continuing to invest in people and technology to drive the ongoing growth in digital audience and revenue, we have taken further action to address our print cost base." | "As a result, whilst continuing to invest in people and technology to drive the ongoing growth in digital audience and revenue, we have taken further action to address our print cost base." |
| He said that the business had been generating cash to such an extent the group had a net cash position for the first time in its history at the end of the half year. | He said that the business had been generating cash to such an extent the group had a net cash position for the first time in its history at the end of the half year. |