LONDON: Trinity Mirror, Britain's leading newspaper group with five national titles, over 150 regional newspapers and more than 200 websites, warned that full-year operating profit will likely fall ten per cent below forecast.
Commenting Monday on its current fiscal situation, Trinity warned that since an earlier trading update (in May) "advertising market conditions have deteriorated reflecting the uncertain outlook for the UK economy with the ongoing adverse implications of inflationary cost pressures and the wider implications of the credit crunch."
In the twenty-six weeks to June 29 underlying group revenue fell by 4.5% and by 7.8% in the nine weeks to the same date. Underlying ad revenue fell 7.2% in the half-year and 12.6% in the nine week period.
The group reported a marked year-on-year decline in advertising revenues in May and June – a trend it expects to continue through the rest of the year.
In a statement TM warned: "Month on month volatility remains and this could worsen as we trade through a very uncertain economic outlook."
Data sourced from reuters.com