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Trinity group boosts profits.

TRINITY MIRROR, the newspaper group which owns the Evening Telegraph, has boosted half yearly operating profits by 5.8 per cent from pounds 89.9 million to pounds 100.3 million.

At the same time the group, which also owns the Daily Mirror, Sunday Mirror, The People and 240 regional newspapers, stayed on target to achieve pounds 42 million cost savings by the end of the year.

During the six months to the end of June, the group also sold its newspaper titles in Northern Ireland.

It has increased interim dividend of 3.8 per cent - the first increase since 2000 and part of a policy to increase dividends progressively.

Chairman Sir Victor Blank said: "The group has performed well against a difficult external environment. Our priority in February was to improve the earnings' growth in 2003 and we are on track to achieve this."

He paid tribute to efforts to the efforts of chief executive Sly Bailey, who joined the group six months ago.

He said the board was enthusiastic about the plans and progress being made.

Said Ms Bailey: "My vision for Trinity Mirror is to unlock its hidden potential for growth.

"The actions I am putting in place will transform our business so that its value as a whole is undeniably more than the sum of the parts.

"I am confident that we will achieve our objective of creating a stronger and better performing company."

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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Jul 31, 2003
Words:243
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