Trinity Mirror
Trinity Mirror recorded an overall increase of 17 per cent in operating profit for 2010, according to preliminary results posted today.

Despite acknowledging 2010 as a "challenging" year, the company reported "good progress" following its purchase of GMG Regional Media a year ago and the roll-out of a new operating model, with net debt falling by £58.1 million to £265.9 million.

Operating profit rose from £105.4 million in 2009 to £123.3 million in 2010, with total revenue for the group staying broadly flat at £761.5 million, down slightly from £763.3 million in 2009.

Within its regional division Trinity Mirror reported an increase in operating profit of 44 per cent and a 9.3 per cent increase in revenues following the acquisition of GMG Regional, which included MEN Media and S&B Media.

According to the 2010 results, GMG Regional achieved £50.9 million of revenue and operating profit of £5.7 million for the nine months since its acquisition till the end of the year. Following the "successful" acquisition of GMG Regional, Trinity Mirror said today that it is considering further regional "consolidation opportunities".

The purchase also had a positive impact on Trinity Mirror's digital activities, with the most recent regional results from the Audit Bureau of Circulations reporting a 40.6 per cent increase in monthly unique browsers to Trinity Mirror's network of online regional sites in the second half of 2010, compared with the previous period.

The company’s nationals division reported operating profit growth of 3 per cent but revenue declines of 6.5 per cent, which it put down to the lack of cover price increases during 2010.

This fall was mitigated by a "significant improvement in the advertising revenue performance", the company added.

"Each of our national titles broadly maintained advertising volume market share during the year, thereby continuing to demonstrate the relevance and importance of our national brands to advertisers and their agencies.

"The strong market positions of our UK brands in particular ensured that their advertising revenues grew for most months during 2010 although we have seen continued month on month volatility."

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