Reach for the (Daily) Stars: Trinity Mirror proposes changing name after Northern & Shell acquisition completes

Alys Key
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Trinity Mirror Buys Express Newspapers For £127 Million
The new name will reflect the expanded business (Source: Getty)

Trinity Mirror is proposing to change its name to Reach, reflecting its £127m acquisition of the Express owner Northern & Shell.

The company made the announcement as it revealed results for 2017, in which revenue and profits declined.

The figures

Revenue fell by over 12 per cent to £623.2m as print declined. Like for like digital revenue grew by seven per cent to £83.9m.

Profit before tax slid to £122.5m.

But the group exceeded its target for cost savings, cutting back by £20m last year. It set a target of £15m for this year.

The pension deficit has been reduced to £377.6m.

Read more: The i has defied the newspaper decline and boosted its owners revenue

Why it's interesting

Trinity Mirror's takeover of titles including the Express, Daily Star and OK! Magazine completed at the end of February.

Analysts at Peel Hunt said that synergies from the move were likely to come through in 2019. They upgraded profit forecasts on the back of this.

"Looking into 2020, if our forecasts are correct, core display & transactional revenue will exceed print advertising and the company will be back in a net cash position"

To reflect the enlarged company, Trinity Mirror has propsed changing its name to Reach. This will be voted on at the next annual general meeting, which takes place in May.

What Trinity Mirror said

Chief executive Simon Fox said: "We once again delivered a strong financial performance in what remains a difficult trading environment for the industry.

"I am pleased with the acquisition of the publishing assets of Northern & Shell in line with our strategic focus on consolidation and I believe this presents significant opportunities to realise real value. Having made good progress with our strategy in 2017 we will build on this in the year ahead."

Read more: Trinity Mirror buys Express owner for £127m

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