TRINITY Mirror boss Sly Bailey has had her pay frozen this year after shareholders raised concerns with the company which saw its pre-tax profits drop 40 per cent to £74.4m last year.
Revenues fell two per cent to £746.6m, with operating profit down 33 per cent to £92.4m “reflecting the impact of input cost increases, in particular newsprint prices which increased by some £22m,” Trinity Mirror said.
In a bid to recover revenues the British publisher is embracing the daily deals market, hoping to offset the 12 per cent hit it expects to take from declining ad sales this year.
It said the new business should deliver net revenues of £20m in 2014.
Circulation revenues were up by 13 and seven per cent in January and February respectively but are expected to decline one per cent year on year in March due to the new Sun on Sunday.