Business

Trinity Mirror sees big rise in profits

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Newspaper firm Trinity Mirror has seen annual profit rise 24% after it bought local paper group Local World.

Adjusted pre-tax profit in 2016 was £133.2m, as against £107.5m in the previous year.

Trinity Mirror took control of Local World in October 2015 in a deal worth £220m, making it the UK's largest regional news publisher.

The acquisition more than offset losses incurred by the group's failed national daily, the New Day.

The group said the print market remained "challenging".

Print advertising revenues fell by 17.9% for the year to 1 January, while total revenues from its papers dropped 10.7%.

Sales of the Daily Mirror title were down 10.8% compared with a 5.1% fall for the UK tabloid market as a whole.

However, Simon Fox, the chief executive of Trinity Mirror, told the BBC the group had been seeing "real growth in digital advertising" and was "becoming more digitally focused".

Digital now accounted for 25% of advertising revenue, compared with 7% in 2012.

"We're on the way," he said. "The results are strong, but there's still lots to do, because the market is changing incredibly quickly."

Shares in Trinity Mirror rose 0.6% in morning trading in London to 120p, but have fallen more than a fifth over the past 12 months.

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