Britain's largest newspaper publisher Trinity Mirror, publisher of the Daily Mirror, Sunday Mirror and a host of regional titles, posted first half profits down 2.7% to £78.4 million ($122.49m; €124.17m) – defying the entrail-rakers with a better than expected performance.

The decline was driven by reduced advertising revenues, dragging operating profits down 4.6% to £95.9m. Overall, TM reported a 4% decline in advertising revenue, and a 1.3% drop in circulation revenue. Like-for-like group revenues were £554.8m for the six months to the end of June, a year-on-year decrease of 3.6%.

But there appears to be no respite to the ad gloom: “We are not anticipating any upturn for the remainder of the year,” mourned chief executive Philip Graf.

Data sourced from: Financial Times; additional content by WARC staff