Trinity Mirror plc, the UK's largest newspaper publisher,
announces the Group's preliminary results for the 52 weeks ended 30 December
2001.
Financial highlights
- Turnover increased 4.8% to £1,131.1 million (£1,079.1 million)
- Operating profit* increased 1.5% to £204.4 million (£201.4 million)
- Profit before tax* grew by 0.9% to £155.5 million (£154.1 million)
- Earnings per share* 37.4p (38.1p)
- Dividend per share held at 17.6p (17.6p)
*items, which comprise £168.0 million exceptional operating
costs, including £150.0 million impairment of the carrying value of the
publishing rights and titles of the former Mirror Group, and £1.2 million
exceptional non-operating credit.
Operational highlights
Successful implementation of regional newspaper strategy
underway: realisation of revenue (£1.5 million) and cost (£5.4 million)
improvements in 2001
Revitalisation of UK national newspapers:
strategy announcing today focusing on encouraging increased loyalty amongst
existing readers, attracting new younger readers and relaunching The Mirror
brand
New marketing strategy for Scottish national
newspapers: driving improved circulation retention amongst loyal
readers and improving advertising management
Restructuring of digital media: reduced level
of annual investment and integrated into regional newspaper division
Stepped up Group investment programme:
approximately £25.0 million to be invested in 2002 (above level of investment in
2001) in marketing, editorial and products (including strategy for the Mirror
titles); £90.0 million in replacing four regional press facilities during 2001
to 2004; £12.0 million in one off exceptional costs of implementation of Group
strategies and plans and significant enhanced investment in staff training and
development
Delivered £11.1 million savings in 2001 from cost
reduction plans and strategy
implementation and £5.0 million from Southnews integration: ahead of targets set. A further £21.0 million and £1.5 million respectively to be realised in 2002, being £4.0 million and £2.5 million ahead of original targets. Excludes £15.0 million per annum merger benefits being delivered on plan.
implementation and £5.0 million from Southnews integration: ahead of targets set. A further £21.0 million and £1.5 million respectively to be realised in 2002, being £4.0 million and £2.5 million ahead of original targets. Excludes £15.0 million per annum merger benefits being delivered on plan.
Renegotiated newsprint contracts: £17.5 million
price saving in 2002
Sir Victor Blank, Chairman of Trinity Mirror plc,
commented:
'In the course of the past year we have strengthened Trinity
Mirror, during one of the toughest trading periods in recent history. We have
delivered a cohesive and wide-ranging review of our regional businesses that is
starting to deliver real operational benefits; our Scottish national titles are
beginning to create more value from their market leading positions and today we
are outlining a new and revitalized strategy for value creation in our Mirror
titles. I look forward to reporting the progress of these new initiatives during
the coming year.
In the first two months of 2002, the advertising market has
remained tough. The directors believe it is prudent to plan on this remaining so
throughout most of the year. However, the strategic initiatives and successful
cost reduction programmes give the Board confidence in the underlying
performance this year.'
For the statement, presentation and annual report please see the Company Reports & Presentations page.
For the statement, presentation and annual report please see the Company Reports & Presentations page.
