The following statement, provided to shareholders by the
Chairman of Trinity Mirror plc, Sir Victor Blank, at today's Annual General
Meeting, is released to the UK Listing Authority:
"During the first four months of 2002, the Group has continued
to make significant progress in the implementation of the strategies for its key
businesses. The 'from Biggest to Best' strategy within the regional newspaper
division continues to deliver ahead of our expectations and further
opportunities for improved performance have been identified. The strategic
development of our national newspaper portfolio is less advanced. The
implementation of the Daily Record's strategy commenced at the beginning of the
year and the relaunch of The Mirror brand kicked off in mid April. Although at
an early stage of development, the feedback relating to the national titles is
positive.
Circulation revenue has continued to provide an underlying
stable base for the Group against a background of an advertising market that,
for the first four months of this year, has remained tough. Within the regional
businesses there appears to be an improving trend in advertising performance,
with total advertising revenue down, year on year, by 2.8% in the first four
months (and recruitment advertising down by 5.2%). There is, however, a clear
difference between the South East and London and elsewhere in the UK in regional
newspaper advertising growth trends, with total advertising revenue in the South
falling by 13.3% (and recruitment advertising down 23.8%) and the remainder of
the regional newspaper operations achieving growth of 1.5% (with recruitment
advertising revenues growing by 3.2%). Display advertising within the Group's
national newspapers has continued to be extremely volatile and weak throughout
this period, with a resulting decline in advertising revenue for the business of
12.7%.
At this stage, the directors believe it is prudent to plan on
the current advertising conditions remaining throughout most of the year.
However, given our trading performance to date, the Board continues to have
confidence in the financial outcome for the year."
