Trinity Mirror reports 75% slump
The publisher of the Daily Mirror has reported a 75% slump in annual profits as it revealed a £12m hit from the launch of rival The Sun on Sunday and more than £1m in costs from the Leveson inquiry.
Trinity Mirror posted pre-tax profits of £18.9m and said revenues fell £54.2m to £706.5m in the year to December 30, with nearly a quarter of the decline caused by competition from Rupert Murdoch's new Sunday tabloid.
It axed up to 500 of its 5,800 staff last year and recently announced a net 200 more jobs will go under plans to slash costs and restructure the business.
Trinity said costs and legal fees associated with the inquiry into press standards by Lord Justice Leveson had reached around £1.5m in 2012.
The group, which publishes more than 130 regional daily and weekly newspapers, shaved £25m off its cost base last year and is targeting another £10m this year.
It warned: "The trading environment is expected to remain difficult throughout 2013 with revenues expected to continue to show year-on-year declines and month-on-month volatility."