ITY Mirror revealed a 10 per cent fall in sales for the year to May yesterday, but cheered investors by saying the decline had tailed off.
The news calmed spirits at the firm’s annual meeting, where there was little sign of the massive investor revolt that ousted former boss Sly Bailey.
The owner of the Mirror and People newspapers, as well as a host of regional titles, said that circulation revenues had declined by 13 per cent year-on-year in January and February but fell by just three per cent in March and April. The news encouraged investors, sending shares in the company up 16.4 per cent.
Trinity Mirror’s stock has quadrupled in value since former HMV boss Simon Fox replaced Bailey as chief executive.