Publishing group Trinity Mirror today reported falling revenues across most of its divisions, as it vowed to take action to deal with uncertainty following the UK's vote last week to leave the European Union.
The company's share price jumped by 7.43 per cent in early trading, as the group issued a trading update showing struggling sales.
The Daily Mirror owner said group revenue fell by eight per cent on a like for like basis over the 27 weeks between 28 December 2015 and 3 July this year, with a nine per cent decline in the first quarter and a seven per cent decline in the second quarter.
Publishing revenue was down eight per cent, with print declining by 10 per cent while digital grew by 14 per cent. Print advertising and circulation revenue fell by 17 per cent and five per cent respectively over the period. In the second quarter print advertising and circulation revenue fell by 14 per cent and five per cent respectively.
The company said it continues to deliver strong growth in digital audience.
"We will continue to invest in digital growth and take the necessary mitigating actions to support profits given the increased uncertainty arising from the outcome of the UK’s referendum on EU membership," Trinity Mirror said.
The trading update comes days after it was revealed that several roles are at risk of redundancy across three of Trinity Mirror's titles – the Daily Mirror, Sunday Mirror and Sunday People. The group said it had been forced to make "significant cost savings" due to a shortfall in advertising revenues and pressure on circulation.
And earlier this year, the group closed its most recent media venture, the New Day newspaper, just two months after it launched. By the time the final edition was published, circulation had dwindled to below 40,000 – falling well short of Trinity Mirror's target of 200,000.