Trinity Mirror PLC Trading Update (4688Z)
15 December 2017 - 6:00PM
UK Regulatory
TIDMTNI
RNS Number : 4688Z
Trinity Mirror PLC
15 December 2017
15 December 2017
Trinity Mirror plc
Trading Update
We continue to make progress against our strategic initiatives
whilst supporting profits and delivering strong cash flows which
will contribute to a further fall in net debt. The Board expects
performance* for the year to be in line with expectations.
Group revenue** on a like for like basis is expected to fall by
9% in the fourth quarter. We experienced improving trends in
publishing digital display and transactional revenues which are
expected to grow by 20% in the final quarter, which is offset by
expected declines in print advertising and circulation revenue of
21% and 7% respectively. Classified publishing digital revenue,
which is substantially jointly sold with print, remains under
pressure reducing expected publishing digital revenue growth for
the quarter to 10%.
Share buyback
During November 2017, the Group completed the GBP10 million
share repurchase programme announced in August 2016. The Group
acquired a total of 10 million shares.
Triennial Pension Funding Valuations
The 31 December 2016 triennial pension funding valuations have
progressed well during the year and we expect these to be finalised
ahead of the statutory deadline of 31 March 2018. We have agreed
with the Trustees that annual contributions to the three pension
schemes will increase by GBP8 million to GBP44 million per annum
for a period of 10 years commencing 2018. The increase in annual
contributions reflects the increase in deficits since the last
valuation which has been largely driven by the fall in long term
interest rates.
Proposed acquisition of 100% of the publishing assets of
Northern & Shell
Further to the update on 9 October 2017, we continue to make
good progress with the proposed acquisition of 100% of the
publishing assets of Northern & Shell. Further updates will be
provided as and when appropriate.
Enquiries
Trinity Mirror Brunswick
020 7293 3553 020 7404 5959
Simon Fox, Chief Executive Nick Cosgrove, Partner
Vijay Vaghela, Group Finance William Medvei, Director
Director
The statement on future performance is given as at the date of
this announcement and is subject to a number of risks and
uncertainties and actual results and events could differ materially
from those currently being anticipated as reflected in the
statement. The Company undertakes no obligation to update this
forward-looking statement.
-- On an adjusted basis excluding non-recurring items,
restructuring charges in respect of cost reduction measures, the
amortisation of intangible assets, the pension administrative
expenses, the retranslation of foreign currency borrowings, the
impact of fair value changes on derivative financial instruments,
the pension finance charge and the impact of tax legislation
changes.
** The like for like trends for 2017 exclude from the 2016
comparative: the extra week of trading in 2016, the Independent
print and distribution contract which ceased in April 2016,
Rippleffect which was sold in August 2016, the four Metros handed
back to DMGT and other portfolio changes.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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