Trinity Mirror shares tumble as staff arrested and revenues fall

SHARES in newspaper firm Trinity Mirror plunged yesterday as two current and two former group journalists were arrested over phone hacking and the company posted a huge drop in profits.

Trinity Mirror yesterday confirmed that Sunday People editor James Scott and deputy Nick Buckley had been arrested. The two former group employees were Tina Weaver, a former Sunday Mirror editor, and Mark Thomas, who was once deputy editor of the Sunday Mirror.

“Detectives on Operation Weeting have identified and are investigating a suspected conspiracy to intercept telephone voicemails at Mirror Group Newspapers,” a Met Police statement said.

“This conspiracy is being treated as a separate conspiracy to the two being investigated at the now defunct News of the World newspaper. It is believed it mainly concerned the Sunday Mirror newspaper and at this stage the primary focus is on the years 2003 and 2004.”

Yesterday, Trinity Mirror reported a 75 per cent fall in pre-tax profits as revenues fell from £760.7m to £706.5m.

The company, which owns the Mirror papers as well as the Sunday People and a host of regional titles, put this partly down to the launch of the Sun on Sunday paper, which hit Sunday Mirror sales.

Trinity Mirror had enjoyed a successful 2011 after the News of the World had closed down.

Trinity Mirror shares, which had trebled since former HMV boss Simon Fox took over in August, fell 13.71 per cent yesterday.