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Trinity Mirror reports a return to profit growth.

Byline: Helen Logan

The company, which also owns the Journal, Evening Chronicle and Sunday Sun, told the City pre-tax profits had risen 7% from pounds 91.4m last time.

The Mirror newspaper publisher said it had managed to deliver cost savings of pounds 6m in the six months to July 1 and remains on target to deliver savings of pounds 10m in the full year.

Trinity Mirror chief executive Sly Bailey said: "I am pleased to announce a return to profit growth in the first half of the year.

"This is due to a combination of improving market conditions together with our continued focus on portfolio development and stringent cost control.

"Looking ahead, the progress of our multi-platform strategy, coupled with improving trends in our advertising markets gives us confidence in our ability to drive further growth and to deliver value for our shareholders."

Trinity Mirror reported that proceeds from the sale of some of its regional and sports titles was likely to be pounds 150m lower than hoped.

The group can bank pounds 450m from off loading papers including the Racing Post.

Trinity Mirror has so far raised pounds 92.9m from the sale of titles across London and the South East including a deal on Wednesday to hand 27 papers to Tindle Newspapers for pounds 18.75m.

The group is yet to sell its flagship sports title Racing Post and a number of regionals including the Birmingham Mail.
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Title Annotation:BUSINESS
Publication:Evening Gazette (Middlesbrough, England)
Article Type:Financial report
Date:Aug 3, 2007
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