Simon Fox, chief executive of publishing giant Trinity Mirror, yesterday announced a dividend for the first time since 2008 and the hope of a return to revenue growth by the end of next year, continuing his dramatic turnaround of the business.
Shares closed the day nearly six per cent higher after Trinity, which has battled falling circulation and declining advertising rates at its Mirror titles, said the pace of its revenue decline had improved in the first six months of the year, down 2.3 per cent compared with the six per cent fall in 2013.
“We set out on a digital strategy 18 months or so ago and what’s heartening is that strategy is starting to deliver,” Fox told City A.M. “Essentially what we’re seeing is digital revenue growth starting to offset declines in print.”
Helped by a near-50 per cent jump in digital profits, Trinity reported total first-half profits down 2.2 per cent at £48.2m. and a final dividend for 2014 of 3p.
Shares closed up 5.6 per cent at 188.75p.