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Trinity Mirror has announced profits are up 67 per cent at its regional division. The publisher's

half-yearly financial report shows an increase from £17.3 million at the beginning of 2010 to £28.9 million by 4 July.

The company's acqusition of GMG Regional Media in March aided a 4.5 per cent increase in revenue for the division, which fell by 7.2 per cent excluding the GMG. This compares with a drop of 23.5 per cent in the full 2009 year.

Overall operating profit went up by 25.7 per cent to £61.7 million, an increase of £12.6 million over the previous six months, but revenue stayed flat at £382.2m, dropping just £0.8m.

Excluding GMG revenue for the period, group revenues were down by five per cent to £364.0 million. This was an  improvement on a decline of 12.4 per cent over the full 2009 year.

Sly Bailey, chief executive of Trinity Mirror, said: "We are now reaping the benefits of these actions with profits increasing and slowing rates of decline in underlying revenues. The acquisition of GMG Regional Media was a clear demonstration of our ability to lead consolidation in regional media in a way that adds substantial value for shareholders.

"Looking ahead to the second half of the year we remain cautious on the economy but are confident of delivering a robust performance for the full year driven by stabilising revenues and continued cost efficiencies."

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Written by
Donna Vaughan

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