Trinity Mirror doubles cost savings as print revenues fall

 
Dotun Abiodun
The publisher said it will double cuts after print revenues fell (Source: Getty)
Revenues at publisher Trinity Mirror are expected to be 11 per cent lower in the six months to the end of June, pushed down by a 19 per cent drop in print advertising revenues, it said in a trading update this morning.
The company said it would double planned cuts to £20m to offset the fall in revenues, just months after it said it was planning to make £10m in structural cost savings.
However, it added that profits for the year should be in line with expectations, after "strong and encouraging" growth in its digital audience, with new users and pageviews growing by over 50 per cent, driving digital display revenue up over 40 per cent.
Mobile coverage also rose, driving digital revenue growth and enhancing delivery of advertising formats.
But the company said it will pay a divi of £7.5m this year, its first payment for 7 years.
Trinity Mirror employs 4,300 people across the UK.

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