Trinity Mirror profit warning hits shares
Published Date:
01 July 2008
SHARES in newspaper publisher Trinity Mirror tumbled 28 per cent yesterday as it warned the City over its full-year profits.
The group, which publishes the Daily Mirror, Daily Record and Sunday Mail, said operating profits were set to come in around 10 per cent lower than market hopes.
Trinity blamed economic uncertainty and the credit crunch for its falling advertising revenues.
It revealed that underlying group revenues sunk by some 7.8 per cent in the nine weeks to 29 June, with underlying ad sales down around 12.6 per cent.
Circulation revenues also fell in the past nine weeks, down about 2.4 per cent.
The group said it would seek to cut costs where possible to help offset the ad sales slump.
Analysts at Landsbanki cut full-year pre-tax profits forecasts by 11 per cent to £130.9 million and said the shares were likely to fall further still.
The full article contains 159 words and appears in The Scotsman newspaper.
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Last Updated:
30 June 2008 9:01 PM
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Source:
The Scotsman
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Location:
Edinburgh
