7351
Trinity Mirror PLC
02 August 2007


Trinity Mirror plc announces the Group's Interim Results for the 26 weeks ended
                                  1 July 2007.

Financial highlights

                             Adjusted results*                 Statutory results

                           2007       2006        %         2007         2006        %
                       26 weeks   26 weeks   Change     26 weeks     26 weeks   Change
                             £m         £m                    £m           £m
                                                      Continuing   Continuing
                                                      operations   operations

Revenue                   526.3      528.2     (0.4)%      500.5        521.7     (4.1)%
Operating profit/(loss)   109.4      103.3      5.9%       (55.6)      (159.7)    65.2%
Profit/(loss) before tax   98.2       91.4      7.4%       (70.4)      (186.5)    62.3%

Earnings/(loss) per share  23.5p      21.9p     7.3%        (1.6)p      (44.9)p   96.4%
Dividend per share                                           6.4p         6.4p       -


Highlights

• Operating profit* increased by 5.9%, reflecting the benefit of a more
  stable advertising environment and tight cost management
• Group operating margin* up 1.2% to 20.8%
• Earnings per share* increased by 7.3% to 23.5 pence
• Revenue* broadly flat, reflecting improving market conditions, with
  underlying** digital revenues growing by 23.7%
• Delivered net cost savings of £6 million and remain on target to achieve
  at least £10 million in the full year
• Acquired totallylegal.com and totallyfinancial.com in May 2007 for £11.8
  million thereby further expanding our portfolio of online recruitment sites
• Interim dividend maintained at 6.4 pence per share
• Impairment of the carrying value of Regional newspaper titles in the
  Midlands and London and the South East of £150 million before tax and £90
  million after tax
• Progress continues to be made on the disposals with completion
  anticipated by the end of the third quarter

Commenting on the results, Sly Bailey, Chief Executive of Trinity Mirror plc
said:

"I am pleased to be able to announce a return to profit growth in the first half
of the year. This is due to a combination of improving market conditions
together with our continued focus on portfolio development and stringent cost
control. Looking ahead, the progress of our multi-platform strategy coupled with
improving trends in our advertising markets gives us confidence in our ability
to drive further growth and to deliver value for our shareholders"

* Including the Sports division and excluding the Magazines and Exhibitions 
division and traditional recruitment consultancy business, non recurring items 
(including the £150 million impairment of Regional newspaper titles), the 
amortisation of intangible assets and the impact of IAS 39. A reconciliation
between the adjusted and the statutory numbers is provided in note 17 on page 
23.

** Underlying includings the impact of acquisitions completed in 2006 and 2007 
as if they had been owned by the Group in the current and corresponding periods.

Enquiries:

Trinity Mirror
Vijay Vaghela, Group Finance Director 020 7293 3000
Nick Fullagar, Director Corporate Communications 020 7293 3622

Maitland
Neil Bennett 020 7379 5151


Within the following Chief Executive's Statement and Review of Operations, all
figures are presented on an adjusted basis (including the Sports division and
excluding the Magazines and Exhibitions division and the traditional recruitment
consultancy business, non recurring items (including the £150 million impairment
of Regional newspaper titles), the amortisation of intangible assets and the
impact of IAS 39) unless otherwise stated. A reconciliation between the adjusted
and the statutory numbers is provided in note 17 on page 23. Underlying includes
the impact of acquisitions completed in 2006 and 2007 as if they had been owned
by the Group in the current and corresponding periods.

Chief Executive's Statement

Overview

We have experienced a gradual improvement in advertising market conditions
during the first half of 2007 with the rate of decline in advertising revenues
slowing. Whilst the advertising environment remains volatile month on month we
are encouraged by the more stable trends that are emerging as the rate of
decline slows. This, together with our continued drive to deliver efficiencies
across the Group, has contributed to a 5.9% increase in operating profit. The
development of our strategy, to build a growing multi-platform media business,
continues to progress via the launch of new products and services, acquisitions
and the implementation of improved technology platforms.

Whilst Group revenues fell by £1.9 million to £526.3 million, the impact on
profits was more than mitigated through tight cost management which contributed
to operating profits increasing by £6.1 million to £109.4 million. On a
statutory basis Group revenues fell by £21.2 million and operating losses
reduced from £159.7 million to £55.6 million. The statutory operating losses
reflect a charge of £150.0 million (2006: £250.0 million) for the impairment of
the carrying value of the Group regional newspaper titles in the Midlands and
London and the South East. This charge has been required as it has become clear
from the disposals process for these businesses that the Group will not be able
to crystalise their carrying value.

Whilst margins have been under pressure for the past two years due to the
challenging advertising environment, our continued focus on efficiencies has
enabled operating margins to improve by 1.2% to 20.8%. This improvement has been
achieved despite the fall in revenues.

All of our businesses continued to show an improvement in performance with
particularly strong results from our Nationals and Sports divisions which
achieved operating profit growth of 21.7% and 29.0% respectively. This reflects
improvements in the advertising environment, further efficiency gains and the
benefits of having successfully defended our market positions for the Daily
Record and Racing Post during 2006. Our Regionals division saw a significant
reduction in the rate of decline in advertising revenues, which form a larger
proportion of revenues relative to our other divisions. The improved revenue
environment coupled with a tight focus on costs contained the fall in operating
profits of our Regionals division to 4.1%. Further improvements to advertising
revenues will continue to benefit the performance of the Regionals division.

Our digital businesses across the Group have achieved strong underlying revenue
growth of 23.7% with Regionals growing by 25.4% and Nationals growing by 16.8%.

We delivered £6 million net cost savings in the period and remain on track to
deliver at least £10 million in the full year and £20 million annualised cost
savings by 2008.

The improved profit performance has resulted in earnings per share increasing by
7.3% to 23.5 pence per share and the interim dividend being maintained at 6.4
pence per share.

The Group continues to generate strong operating cash flows which ensured that
net debt increased by only £26.9 million to £467.8 million despite paying £45.1
million for the 2006 final dividend, £26.1 million in net capital expenditure,
£11.8 million for the acquisition of totallylegal.com and totallyfinancial.com
and £16.1 million accelerated pension deficit funding payments.

We remain confident that the reorganisation we have started following the 2006
Business Review, the strength of our portfolio and our growing success at
building and acquiring digital assets will all contribute to growth as the
current cyclical advertising downturn comes to an end.

Strategy Development

The first six months of the year have seen continued progress in the development
of our strategy to build a multiplatform media business through:

   • Innovation. We continue to focus on driving growth from new initiatives,
    deepening our presence in our core markets and geographies both in print and
    on-line. Examples include the launch of new regional print titles,
    strengthening our marketplaces with the launch of new local exhibitions and
    the continued development of our on-line portfolio with a number of new
    regional launches. In addition our newspaper companion sites, both regional
    and national, are benefiting from improved design, functionality and
    increased user-generated content.

   • Acquisition. The acquisition of totallylegal.com and
    totallyfinancial.com expands our portfolio of on-line recruitment sites and
    further improves our share of the on-line recruitment market. We remain
    focused in building a market-leading portfolio of on-line brands through
    acquisition which complement our publishing skills and market positions.

   • Technology. The implementation of our new technology-led operating model
    is progressing well, and is on time and on budget. Examples include the roll
    out of a standardised advertising booking system, new pre-press systems
    which reduce advertisement creation time, and the upgrading of our editorial
    systems to facilitate multi-media content creation across print and on-line.

   • Manufacturing. Our programme of investment in colour presses is
    progressing to plan. Our Scottish Nationals site repressing programme
    completed on schedule in the first quarter of 2007. The repressing of our UK
    Nationals print site in Watford is scheduled to complete in the first
    quarter of 2008.

   • People. During the period we strengthened the management team with the
    creation of a new role of Group Digital Publishing Director to accelerate
    the digital development of our core publishing activities, and the
    appointment of a new Head of Digital for our UK Nationals.

Disposals

During the period we have made progress on the disposals as envisaged following
the conclusion of our review of our business during 2006. We have disposed of
some of our businesses in London and the South East for a total consideration of
£92.9 million.

The proceeds we expect from the disposals will be lower than our original
expectations and therefore we reduced the carrying value of our regional
newspapers in the Midlands and London and the South East by £150.0 million. We
are in detailed negotiations for the remaining assets. These assets, together
with the Sports division, are expected to realise total gross proceeds in the
region of £450 million. We do not envisage a tax liability on these disposals.

The completion of the disposals will result in a group with increased focus on a
streamlined portfolio of high quality media assets. These assets offer
significant opportunities for growth in revenues, margins and earnings. The
strong cash flows of our continuing businesses will support this growth through
continued investment and selected acquisitions providing rewards to
shareholders.

The process will be completed by the end of the third quarter, after which time
we intend to optimise our capital structure by returning surplus capital to
shareholders. We will confirm the details of this once we have completed the
disposals.

Publishing activities

Regionals

Our Regionals division continued to benefit from a strong focus on portfolio
development, with the launch of new print titles, new events and exhibitions and
a number of on-line launches including 15 hyper local sites targeting specific
postcodes. A further five hyper local sites are scheduled for launch in the
coming months.

Circulation volumes remain broadly in line with the market. Circulation revenues
increased by 0.7% and our little and often cover pricing policy remains in
place.

We have seen a steady improvement in print advertising trends during the first
half with revenues declining by 3.6% which compares favourably to declines of
10.1% in 2006.

Our digital platforms continued to see a strong performance with underlying
revenues up 25.4% representing good growth across both our organic and acquired
businesses. Unique users have grown by more than 40% during the first half to
2.9 million.

Nationals

Our Nationals division delivered strong operating profit growth on marginally
increased revenues.

We are pleased with an improvement in the rate of circulation volume decline for
the Daily Mirror despite the competitive marketplace which has seen continued
cover price discounting and significant promotional activity by competitors,
both of which contributed to a distortion of underlying circulation volumes
across the market. The Sunday Mirror saw a strong circulation volume performance
during the period, outperforming the market and improving its market share. In
Scotland we achieved strong growth in circulation revenues following the
cessation of vouchering undertaken during 2006 to protect our market position
against a 10p Sun. Our five National titles continue to have the greatest
proportion of full rate sales when compared to our competitors.

Advertising revenues saw a general improvement with the rate of decline slowing.
For the Daily Mirror, whilst advertising revenues remain under pressure, we are
seeing some stability in volume market share. The business saw a particularly
strong performance from the Scottish Nationals with advertising revenue growth
of 2.7% for the period. Record PM is now well established in the market and is
providing advertisers with increased geographical and audience reach. Digital
revenues for our National newspapers grew by 16.8% during the period with growth
of 42.6% in Scotland.

Sports

Our Sports division delivered a strong advertising performance and stable
circulation revenues. Circulation volumes have seen some pressure from inclement
weather conditions resulting in some race meeting cancellations.

Board changes

On 10 May 2007, at the Group's Annual General Meeting, three non-executive
directors, Peter Birch, Sir Angus Grossart and David Ross retired from the
Board.

Gary Hoffman, Chairman of the Remuneration Committee, was appointed Senior
Independent Director on 10 May 2007 and on 11 May 2007 Kathleen O'Donovan joined
the Board as a non-executive director and was appointed Chairman of the Audit
Committee.

Outlook

Whilst the advertising environment remains volatile from month to month we
continue to see improved stability in our advertising markets as the rate of
decline slows. The Board remains confident that our 2007 performance will be in
line with expectations.


Review of Operations

Group revenues fell by £1.9 million (0.4%) from £528.2 million to £526.3
million. Group advertising revenues decreased by £4.0 million (1.4%) from £289.7
million to £285.7 million while Group circulation revenue increased by £1.6
million (0.8%) from £196.8 million to £198.4 million and other revenue increased
by £0.5 million. On a statutory basis Group revenues fell by £21.2 million
(4.1%) from £521.7 million to £500.5 million. The statutory Group revenues in
2006 included the revenues of the disposed traditional recruitment consultancy
business.

Although revenues fell, Group operating profit increased by £6.1 million (5.9%)
from £103.3 million to £109.4 million. On a statutory basis operating losses
fell by £104.1 million from a loss of £159.7 million to a loss of £55.6 million.
The statutory operating loss reflects a charge of £150.0 million (2006: £250.0
million) for the impairment of the carrying value of the Regional newspaper
titles in the Midlands and London and the South East.

Total operating costs have fallen by £9.1 million (2.1%) from £426.1 million to
£417.0 million despite a 5% increase in the price of newsprint and other
inflationary increases in costs.

Non recurring items of £153.1 million (2006: £250.0 million) have been charged.
This includes an impairment charge of £150.0 million (2006: £250.0 million),
£3.9 million (2006: £nil million) of restructuring costs offset by £0.8 million
(2006: £nil million) profit on disposal of property.
The Group's share of profits from associates was £0.1 million (2006: £1.2
million) and reflects the Group's share of profits in PA Group, net of taxation
payable thereon. During the period dividends of £0.3 million (2006: £0.5
million) were received.

The IAS 19 "Employee Benefits" defined benefit current service cost and finance
credit were £13.5 million (2006: £14.8 million) and £5.5 million (2006: £4.6
million) respectively. For the full year, the IAS 19 defined benefit operating
charge is estimated to reduce by £2.9 million to £27.5 million with the finance
credit estimated to increase by £2.4 million to £12.3 million. The IAS 19
pension deficit has fallen from £213.0 million to £154.2 million during the half
year reflecting the benefit of increasing asset values due to the improved
performance of the equity markets and deficit funding payments, and a marginal
reduction in liabilities due to an increase in the real discount rate applied to
liabilities from 2.10% to 2.55% offset by changed mortality assumptions.

Finance costs, excluding the impact of IAS 19 and IAS 39 "Financial Instruments:
Recognition and Measurement", increased by £0.2 million from £16.5 million to
£16.7 million. The increase in finance costs reflects higher interest rates
partially offset by reduced debt levels. The IAS 39 impact during the half year,
in relation to the US$ private placement and related cross currency interest
rate swaps, was a £3.6 million charge (2006: £14.9 million). The IAS 39 impact
reflects the fair value, exchange rate and amortisation adjustments on
borrowings and associated financial instruments accounted for under IAS 39.

Group profit before tax increased by £6.8 million (7.4%) from £91.4 million to
£98.2 million. On a statutory basis losses before tax fell by £116.1 million
from £186.5 million to £70.4 million.

The tax charge for the period of £29.7 million (2006: £27.7 million) represents
30.2% (2006: 30.3%) of profit before tax of £98.2 million (2006: £91.4 million).
On a statutory basis the tax credit of £65.8 million (2006: £55.7 million)
includes a £42.0 million credit in respect of the impairment charge (2006: £75.0
million), £18.0 million (2006: £nil million) relating to the change in tax base
of held for sale assets and a £30.0 million (2006: £nil) credit relating to the
impact on deferred tax of the corporation tax rate change from 1 April 2008.

Earnings per share were 23.5 pence per share (2006: 21.9 pence per share), an
increase of 7.3%. On a statutory continuing operations basis losses per share
fell by 96.5% from a 44.9 pence loss per share to a 1.6 pence loss per share.

An interim dividend of 6.4 pence per share (2006: 6.4 pence per share) will be
paid on 30 October 2007 to shareholders on the register at 5 October 2007.

Regionals division

The Regionals division publishes over 200 local and regional newspapers which
are complemented by more than 300 websites offering news, information and
advertising and includes our acquired specialist recruitment and property
websites businesses.

The revenue and operating profit of the Group's Regionals division are as
follows:

                                            2007          2006                 %
                                              £m            £m            Change
Revenue
- Regional core                            234.3         243.0            (3.6)%
- Metros                                     9.8           8.3            18.1%
- Digital media activities                  15.7          11.8            33.1%
Total revenue                              259.8         263.1            (1.3)%

Operating Profit
- Regional core                             55.6          61.2            (9.2)%
- Metros                                     1.9           1.3            46.2%
- Digital media activities                   5.5           3.2            71.9%
Total operating profit                      63.0          65.7            (4.1)%

Operating Margin                            24.2%         25.0%           (0.8)%

Revenue fell by £3.3 million (1.3%) and operating profit fell by £2.7 million
(4.1%). Excluding totallylegal.com and totallyfinancial.com acquired in May
2007, revenue fell by £3.7 million (1.4%) and operating profit fell by £2.9
million (4.4%).

Operating profit declines for the core Regional newspaper titles were partially
offset by the continuing improvements from the Metro titles and our Digital
media activities. The division's five Metros achieved a £0.6 million (46.2%)
improvement in operating profit to £1.9 million. The division's Digital media
activities continued to deliver further improvements with operating profits
increasing by 71.9%. Continued focus on costs has partly mitigated the impact on
operating profit of the shortfalls in Regional core revenues with Regional core
operating profits falling by only £5.6 million despite revenue declines of £8.7
million.

The acquisition in May 2007 of totallylegal.com and totallyfinancial.com
contributed revenues and operating profits before amortisation of intangible
assets of £0.4 million and £0.2 million respectively.

Advertising revenue for the Regionals division fell by 1.4% from £201.0 million
to £198.1 million. By category, Display was down by 0.4%, Recruitment was down
by 1.3%, Motors was down by 10.3% and other classified categories were down by
3.9%, while Property increased by 4.0%. Recruitment excluding totallylegal.com
and totallyfinancial.com was down by 2.1%.

Metros achieved strong advertising growth of £1.5 million (18.1%), driven by an
increase in core advertising revenues and the benefit of an additional two Metro
titles launched in March 2006. Excluding the Liverpool and Cardiff Metros
advertising revenues for Metros increased by 9.4%.

Digital media activities, continued their growth trajectory with underlying
revenues increasing by 25.4%. The newly acquired totallylegal.com and
totallylfinancial.com achieved underlying growth of 22.1%.

Circulation revenue increased by £0.3 million (0.7%). The division continued to
drive circulation revenue through the ongoing policy to increase cover prices on
a little and often basis. During the period, the division experienced
circulation volume declines of 6.6% for Evening titles, 6.7% for Morning titles,
6.4% for Weekly titles and 4.3% for Sunday titles.

Other revenue fell by £0.7 million (3.5%) from £19.9 million to £19.2 million.

Nationals division

The Nationals division publishes three UK National titles (the Daily Mirror, the
Sunday Mirror and The People) and two Scottish Nationals (the Daily Record and
the Sunday Mail) complemented by a portfolio of digital assets.

The revenue and operating profit of the Group's Nationals division are as
follows:

                                      2007             2006                   %
                                        £m               £m              Change

Revenue                              240.7            240.3                0.2%
Operating profit                      45.5             37.4               21.7%
Margin                                18.9%            15.6%               3.3%

The Nationals division achieved significant growth in operating profit of 21.7%
on marginally increased revenues. Revenue for the UK Nationals declined by 1.1%
and for the Scottish Nationals increased by 4.9%.

The improved operating profits have been achieved through the tight management
of costs resulting in operating margin for the division increasing by 3.3%.

Circulation revenues for the Nationals division increased by 0.8% reflecting a
decrease of 0.2% for the UK Nationals offset by an increase of 4.8% for the
Scottish Nationals. The half year benefited from cover price increases in 2006
and in 2007 together with the absence of vouchering by the Daily Record. The
Saturday editions of the Daily Mirror and Daily Record cover prices were
increased by 5p to 60p and the Sunday Mirror cover price was increased by 5p to
90p during the period.

The six monthly year-on-year change in circulation volumes and the six monthly
market share for our Nationals titles were as follows:

                                  six monthly circulation          six monthly
                                            volume change          market share
                                                        %                     %
                                                                              
Daily Mirror                                       (5.5)%                 18.6%
Sunday Mirror                                      (4.3)%                 15.9%
The People                                        (13.6)%                  8.4%
Daily Record (Scotland only)                       (8.4)%                 33.8%
Sunday Mail (Scotland only)                        (4.9)%                 35.7%

Advertising revenues for the Nationals division fell by 2.3% with declines of
4.2% for the UK Nationals and an increase of 2.7% for the Scottish Nationals.
The UK Nationals performance reflects an improving trend, however, the market
remains challenging. The strong growth for the Scottish Nationals was driven by
an improved advertising environment.

Digital revenues increased by 16.7% from £1.2 million to £1.4 million with
increases of 4.0% for the UK Nationals and 42.6% for the Scottish Nationals.

Other revenue increased by £1.2 million (6.1%) from £19.8 million to £21.0
million with increases of 3.4% for the UK Nationals and 28.6% for the Scottish
Nationals.

Sports division

The Sports division delivered a strong performance in the half year. Revenues
increased by 4.0% from £24.8 million to £25.8 million and operating profits
increased by 29.0% from £6.9 million to £8.9 million.

Advertising revenues achieved a strong growth of 12.5% from £6.4 million to £7.2
million. Circulation revenues increased by £0.2 million reflecting the impact of
cover price increases off-setting volume declines. Other revenues were flat at
£2.0 million.

Central costs

Central costs increased by £0.2 million from £7.9 million to £8.1 million.

Acquisition

During the half year, the Group completed the acquisition of Totallylegal.com
Limited for a consideration of £11.8 million. In the 12 months prior to
acquisition Totallylegal.com Limited and its subsidiary achieved revenues of
£1.9 million and operating profit of £0.3 million.

Cash flow and net debt

Net cash from operating activities decreased by £7.8 million to £97.4 million
with the increase in operating profit before impairment charge more than offset
by accelerating £16.1 million of pension scheme deficit funding into the first
half. Net debt increased by £26.9 million from £440.9 million to £467.8 million.
The increase in net debt is after paying dividends of £45.1 million, net capital
expenditure of £26.1 million, the £11.8 million acquisition of Totallylegal.com
Limited and the £16.1 million accelerated pension deficit funding.

Capital expenditure in the half year was £26.1 million net of disposal proceeds
(2006: £38.4 million) against a depreciation charge of £17.3 million (2006:
£19.7 million). On 25 July 2007 the Group announced a further £23 million
capital investment in presses to secure a 12 year printing contract for the
Independent. This expenditure will be incurred over the next two years. Capital
expenditure for 2007 is now estimated at £75 million and capital will be
financed from operating cash flows.

At 1 July 2007 committed facilities of £725.9 million (2006: £728.2 million)
were available to the Group, of which £244.5 million (2006: £259.5 million) was
available for draw down. The committed facilities include a £269 million
syndicated bank facility, US$602 million and £26 million unsecured fixed rate
loan notes and £6 million floating rate loan notes (representing the total
obligations under a series of private placement US dollar and sterling loan
notes respectively), obligations under finance leases of £13.7 million and £0.6
million of acquisition loan notes. No new financing facilities were procured
during the period and no debt facilities were repaid other than in accordance
with their normal maturity date.


Consolidated income statement (unaudited)
for the 26 week period to 1 July 2007
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                notes           £m            £m            £m
----------------------------------------------------------------------------------------------
Continuing operations

Revenue                                             2        500.5         521.7       1,003.5
Cost of sales                                               (244.9)       (260.3)       (503.8)
----------------------------------------------------------------------------------------------
Gross profit                                                 255.6         261.4         499.7
Distribution costs                                           (55.8)        (57.1)       (108.9)
Administrative expenses:
 Non-recurring
   Impairment of intangible assets                  3       (150.0)       (250.0)       (250.0)
   Other                                            3         (3.1)            -           2.0
 Amortisation of intangible assets                            (3.0)         (7.0)        (10.6)
 Other                                                       (99.4)       (108.2)       (195.9)
Share of results of associates                                 0.1           1.2           1.3
----------------------------------------------------------------------------------------------
Operating loss                                      2        (55.6)       (159.7)        (62.4)

IAS 19 finance credit                               4          5.5           4.6           9.9
IAS 39 impact                                       4         (3.6)        (14.9)         (4.9)
Other finance costs                                 4        (16.7)        (16.5)        (31.5)
----------------------------------------------------------------------------------------------
Loss before tax                                              (70.4)       (186.5)        (88.9)

Tax credit                                          5         65.8          55.7          24.8
----------------------------------------------------------------------------------------------
Loss for the period from continuing operations                (4.6)       (130.8)        (64.1)

Discontinued operations
Profit for the period from discontinued operations  6          6.2           8.8          14.9
Profit on sale of discontinued operations                        -             -          37.7
----------------------------------------------------------------------------------------------
Profit/(loss) for the period attributable to equity
holders of the parent                                          1.6        (122.0)        (11.5)
----------------------------------------------------------------------------------------------

Earnings/(loss) per share (pence)                            Pence         Pence         Pence

Adjusted earnings per share* - basic                8         23.5          21.9          43.6

Adjusted earnings per share*- diluted               8         23.4          21.8          43.5
----------------------------------------------------------------------------------------------
Loss per share - continuing operations - basic      8         (1.6)        (44.9)        (22.0)
Loss per share - continuing operations - diluted    8         (1.6)        (44.9)        (22.0)
----------------------------------------------------------------------------------------------
Earnings per share - discontinued operations 
- basic                                             8          2.1           3.0          18.0
Earnings per share - discounted operations 
- diluted                                           8          2.1           3.0          18.0
----------------------------------------------------------------------------------------------

Earnings/(loss) per share - total operations 
- basic                                             8          0.5         (41.9)         (4.0)
Earnings/(loss) per share - total operations 
- diluted                                           8          0.5         (41.9)         (4.0)
----------------------------------------------------------------------------------------------

*Including the Sports division and excluding the Magazines and Exhibitions
division and traditional recruitment consultancy business, non-recurring items
(including the £150 million impairment of Regional newspaper titles), the
amortisation of intangible assets and the impact of IAS 39. A reconciliation
between the adjusted and the statutory numbers is provided in note 17 on page
23.


Consolidated statement of recognised income and expense (unaudited)
for the 26 week period to 1 July 2007
                                                                        
                                                                                  52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                notes           £m            £m            £m
----------------------------------------------------------------------------------------------

Actuarial gains on defined benefit pension 
schemes taken to equity                           13          22.5          55.9          62.7
Tax on actuarial gains on defined benefit 
pension schemes taken to equity                               (6.3)        (16.8)        (18.8)
Share of pension scheme actuarial gains and 
currency gains recognised in equity by 
associates                                                    (0.7)          1.3           1.3
Deferred tax charge resulting from the future 
change in tax rate                                 5          (2.8)            -             -
----------------------------------------------------------------------------------------------

Net income recognised directly in equity                      12.7          40.4          45.2
----------------------------------------------------------------------------------------------

Profit/(loss) for the period                                   1.6        (122.0)        (11.5)
----------------------------------------------------------------------------------------------
Total recognised income and expense for the
period attributable to equity holders
of the parent                                     14          14.3         (81.6)         33.7
----------------------------------------------------------------------------------------------    


Consolidated balance sheet (unaudited)
at 1 July 2007
                                                                             31 December 2006
                                                  1 July 2007   2 July 2006     2006 (audited)
                                         notes             £m            £m                £m
----------------------------------------------------------------------------------------------
Non-current assets
Goodwill                                                 70.3          69.6              61.1
Other intangible assets                                 846.1       1,367.9           1,357.3
Property, plant and equipment                           417.2         405.9             420.5
Investments in associates                                 9.3          10.1              10.2
Deferred tax asset                                       58.9          76.5              74.3
----------------------------------------------------------------------------------------------
                                                      1,401.8       1,930.0           1,923.4
----------------------------------------------------------------------------------------------
Current assets 
Inventories                                               7.3           7.3               7.0
Available-for-sale financial assets                         -           0.5                 -
Trade and other receivables                             114.1         160.7             134.9
Cash and cash equivalents                   11           20.5          27.2              32.8
----------------------------------------------------------------------------------------------
                                                        141.9         195.7             174.7
----------------------------------------------------------------------------------------------
Held for sale assets                        10          407.7          11.6                 -
----------------------------------------------------------------------------------------------
Total assets                                          1,951.4       2,137.3           2,098.1
----------------------------------------------------------------------------------------------
Non-current liabilities
Borrowings                                  11         (338.6)       (365.7)           (346.3)
Obligations under finance leases            11          (10.2)        (13.6)            (13.2)
Retirement benefit obligation               13         (154.2)       (232.8)           (213.0)
Deferred tax liabilities                               (306.9)       (470.5)           (482.4)
Provisions                                               (8.3)        (13.2)             (8.9)
Derivative financial instruments            11         (119.5)        (97.9)           (107.4)
----------------------------------------------------------------------------------------------
                                                       (937.7)     (1,193.7)         (1,171.2)
----------------------------------------------------------------------------------------------
Current liabilities
Borrowings                                  11          (16.5)        (79.5)             (4.0)
Trade and other payables                               (161.1)       (189.0)           (163.3)
Current tax liabilities                                 (26.1)        (33.1)            (31.1)
Obligations under finance leases            11           (2.3)         (2.7)             (2.8)
Provisions                                               (0.3)         (1.1)             (2.5)
----------------------------------------------------------------------------------------------
                                                       (206.3)       (305.4)           (203.7)
----------------------------------------------------------------------------------------------
Held for sale liabilities                   10         (112.6)         (8.7)               -
----------------------------------------------------------------------------------------------
Total liabilities                                    (1,256.6)     (1,507.8)         (1,374.9)
----------------------------------------------------------------------------------------------
Net assets                                              694.8         629.5             723.2
----------------------------------------------------------------------------------------------
Equity
Share capital                               14          (29.3)        (29.3)            (29.3)
Share premium account                       14       (1,120.5)     (1,120.0)         (1,120.0)
Revaluation reserve                         14           (4.9)         (4.9)             (4.9)
Capital redemption reserve                  14           (0.8)         (0.8)             (0.8)
Retained earnings and other reserves        14          460.7         525.5             431.8
----------------------------------------------------------------------------------------------
Equity attributable to equity holders of
the parent                                  14         (694.8)       (629.5)           (723.2)
----------------------------------------------------------------------------------------------
Total equity                                           (694.8)       (629.5)           (723.2)
----------------------------------------------------------------------------------------------


Consolidated cash flow statement (unaudited)
for the 26 week period to 1 July 2007
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                notes           £m            £m            £m
----------------------------------------------------------------------------------------------

Cash flows from operating activities
- continuing operations
Cash generated from operations                      9         88.5          92.5         203.7
Income tax paid                                              (19.2)        (22.6)        (40.6)
----------------------------------------------------------------------------------------------
Net cash inflow from operating activities                     69.3          69.9         163.1
----------------------------------------------------------------------------------------------
Investing activities
Interest received                                              0.5           0.1           0.3
Dividends received from associated undertakings                0.3           0.5           0.5
Proceeds on disposal of available-for-sale 
financial assets                                                 -             -           2.1
Proceeds on disposal of subsidiary undertakings                  -             -           8.5
Proceeds on disposal of property, plant and 
equipment                                                      1.0           0.3           2.1
Purchases of property, plant and equipment                   (27.1)        (38.7)        (75.0)
Acquisition of subsidiary undertakings             15        (11.2)         (4.2)         (4.2)
----------------------------------------------------------------------------------------------
Net cash used in investing activities                        (36.5)        (42.0)        (65.7)
----------------------------------------------------------------------------------------------
Financing activities
Dividends paid                                               (45.1)        (45.1)        (63.7)
Interest paid on borrowings                                  (16.0)        (15.7)        (31.0)
Interest paid on finance leases                               (0.4)         (0.1)         (1.0)
Increase in borrowings                                        14.9             -             -
Repayment of borrowings                                          -             -         (40.1)
Repayment of obligations under finance leases                 (2.3)         (2.1)         (2.4)
Issue of ordinary share capital                                0.5           1.1           1.1
(Increase)/decrease in bank overdrafts                        (2.4)         20.8         (14.6)
----------------------------------------------------------------------------------------------
Net cash used in financing activities                        (50.8)        (41.1)       (151.7)
----------------------------------------------------------------------------------------------
Net cash from discontinued operations                          5.7           9.5          53.9

Net decrease in cash and cash equivalents        11          (12.3)         (3.7)         (0.4)

Cash and cash equivalents at the beginning 
of period                                        11           32.8          33.2          33.2
----------------------------------------------------------------------------------------------
Cash and cash equivalents at the end of period   11           20.5          29.5          32.8
                                                                                        ------
Cash and cash equivalents in held for sale assets                -          (2.3)
---------------------------------------------------------------------------------
Cash and cash equivalents excluding held for 
sale assets                                                   20.5          27.2
---------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
Cash flow from discontinued operations
Net cash flow from operating activities                        5.7           9.0          14.7
Net cash flow from investing activities                          -           0.5          39.2
Net cash flow from financing activities                          -             -             -
----------------------------------------------------------------------------------------------
Net movement in cash and cash equivalents                      5.7           9.5          53.9
----------------------------------------------------------------------------------------------


Notes to the interim financial report (unaudited)

1. General information

Following European regulation issued in 2002, the Group now presents its
consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. Whilst the
financial information included in this interim announcement has been computed in
accordance with IFRS, this announcement does not itself contain sufficient
information to comply with IFRS.

The condensed financial statements for the 26 weeks to 1 July 2007 do not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985 and have not been audited. No statutory accounts for the period have
been delivered to the Registrar of Companies.

The financial information in respect of the 52 weeks ended 31 December 2006 has
been produced using extracts from the statutory accounts for this period. The
statutory accounts for this period have been filed with the Registrar of
Companies. The auditors' report on these accounts was unqualified and did not
contain a statement under Sections 237 (2) or (3) of the Companies Act 1985.

The accounting policies used in the preparation of the interim financial
statements for the 26 weeks to 1 July 2007 have been consistently applied to all
the periods presented and are as set out in the Group's financial statements for
the 52 weeks to 31 December 2006.

The auditors have carried out a review of the interim report and their report is
set out on page 24.

The interim report was approved by the directors on 2 August 2007. This
announcement is being sent to shareholders and will be made available at the
company's registered office at One Canada Square, Canary Wharf, London, E14 5AP.

2. Business and geographical segments

For management purposes, the continuing operations of the Group are currently
organised into the following divisions: Regionals, Nationals and Central costs.
These divisions are the basis on which the Group reports its primary segment
information. During the period the Sports division has been held for sale and is
shown within discontinued operations. In the prior period the Magazines and
Exhibitions division, which was disposed of in July 2006, was held for sale and
is shown within discontinued operations. The Regional businesses in the Midlands
and London and the South East which are held for sale are included within the
Regionals division as continuing operations. The secondary reporting segment is
a geographical destination analysis of revenue.
The Regionals division publishes a large portfolio of newspaper and on-line
brands across the UK. The Nationals division, comprising the UK and Scottish
Nationals, publishes five daily and Sunday newspapers. Central costs include
costs not attributed to specific divisions. The revenues and costs of each
segment are clearly identifiable and allocated according to where they arise.
Segment information for these principal activities is presented below.

Primary segments - business segment analysis


26 weeks to 1 July 2007                                               Continuing Discontinued
                              Regionals   Nationals   Central costs   operations   operations
                                   2007        2007            2007         2007         2007
                                     £m          £m              £m           £m           £m
----------------------------------------------------------------------------------------------
Revenue
Segment sales                     262.4       248.0               -        510.4         25.8
Inter-segment sales                (2.6)       (7.3)              -         (9.9)           -
----------------------------------------------------------------------------------------------
Total revenue                     259.8       240.7               -        500.5         25.8
----------------------------------------------------------------------------------------------
Result
Segment result                     60.0        45.5            (8.1)        97.4          8.9
-------------------------------------------------------------------
Non recurring items                                                       (153.1)*          -
Share of results of associates                                               0.1            -
                                                                        ----------------------
Operating (loss)/profit                                                    (55.6)         8.9
IAS 19 finance credit                                                        5.5            -
IAS 39 impact                                                               (3.6)           -
Other finance costs                                                        (16.7)           -
                                                                        ----------------------
(Loss)/profit before tax                                                   (70.4)         8.9
Tax credit/(charge)                                                         65.8         (2.7)
                                                                        ----------------------
(Loss)/profit for the period                                                (4.6)         6.2
----------------------------------------------------------------------------------------------

*The non recurring items include a £150.0 million impairment charge against the
carrying value of newspaper titles in Midlands and London and the South East
which are part of the Regionals segment.

Discontinued operations relate to the Sports division.



26 weeks to 2 July 2006                                               Continuing Discontinued
                              Regionals   Nationals   Central costs   operations   operations
                                   2006        2006            2006         2006         2006
                                     £m          £m              £m           £m           £m
----------------------------------------------------------------------------------------------
Revenue
Segment sales                     283.6       247.5               -        531.1         44.9
Inter-segment sales                (2.2)       (7.2)              -         (9.4)           -
----------------------------------------------------------------------------------------------
Total revenue                     281.4       240.3               -        521.7         44.9
----------------------------------------------------------------------------------------------
Result
Segment result                     59.6        37.4            (7.9)        89.1         12.7
-------------------------------------------------------------------
Non recurring items                                                       (250.0)*          -
Share of results of associates                                               1.2            -
                                                                         ---------------------
Operating (loss)/profit                                                   (159.7)        12.7
IAS 19 finance credit                                                        4.6            -
IAS 39 impact                                                              (14.9)           -
Other finance costs                                                        (16.5)           -
                                                                         ---------------------
(Loss)/profit before tax                                                  (186.5)        12.7
Tax credit/(charge)                                                         55.7         (3.9)
                                                                         ---------------------
(Loss)/profit for the period                                              (130.8)         8.8
----------------------------------------------------------------------------------------------

* The non recurring items include a £250.0 million impairment charge against the
carrying value of newspaper titles in Midlands and London and the South East
which are part of the Regionals segment.

In 2006 discontinued operations relate to the Sports division (revenue £24.8
million, operating profit £6.9 million and tax charge £2.1 million) and the
Magazines and Exhibitions division (revenue £20.1 million, operating profit £5.8
million and tax charge £1.8 million).

52 weeks to 31 December 2006                                          Continuing Discontinued
(audited)                     Regionals   Nationals   Central costs   operations   operations
                                   2006        2006            2006         2006         2006
                                     £m          £m              £m           £m           £m
----------------------------------------------------------------------------------------------
Revenue
Segment sales                     535.9       486.4               -      1,022.3         69.6
Inter-segment sales                (4.8)      (14.0)              -        (18.8)           -
----------------------------------------------------------------------------------------------
Total revenue                     531.1       472.4               -      1,003.5         69.6
----------------------------------------------------------------------------------------------
Result
Segment result                    118.1        80.9           (14.7)       184.3         21.6
----------------------------------------------------------------------------------------------
Non recurring items                                                       (248.0)*       37.7
Share of results of associates                                               1.3            -
                                                                         ---------------------
Operating (loss)/profit                                                    (62.4)        59.3
IAS 19 finance credit                                                        9.9            -
IAS 39 impact                                                               (4.9)           -
Other finance costs                                                        (31.5)           -
                                                                         ---------------------
(Loss)/profit before tax                                                   (88.9)        59.3
Tax redit/(charge)                                                          24.8         (6.7)
                                                                         ---------------------
(Loss)/profit for the period                                               (64.1)        52.6
----------------------------------------------------------------------------------------------
* The non recurring items include a £250.0 million impairment charge against the
carrying value of newspaper titles in Midlands and London and the South East
which are part of the Regionals segment.

In 2006 discontinued operations relate to the Sports division (revenue £49.5
million, operating profit £15.8 million and tax charge £4.9 million) and the
Magazines and Exhibitions division (revenue £20.1 million, operating profit £5.8
million and tax charge £1.8 million).


Secondary segments - geographical destination and source segment analysis


The Group's operations are located in the United Kingdom. The following tables
provide an analysis of the Group's revenue by geographical market and source:

                                                                                   52 weeks to
                                                26 weeks to       26 weeks to      31 December
                                                     1 July            2 July             2006
                                                       2007              2006         (audited)
                                                        £m                 £m               £m
----------------------------------------------------------------------------------------------
United Kingdom and Republic of Ireland               497.7             519.1             997.3
Continental Europe                                     2.5               2.6               5.8
Rest of World                                          0.3                 -               0.4
----------------------------------------------------------------------------------------------
Total - continuing operations                        500.5             521.7           1,003.5
----------------------------------------------------------------------------------------------

Circulation                                          181.8             180.4             358.6
Advertising*                                         278.5             283.3             543.2
Other*                                                40.2              58.0             101.7
----------------------------------------------------------------------------------------------
Total - continuing operations                        500.5             521.7           1,003.5
----------------------------------------------------------------------------------------------
* The comparatives have been amended by £0.4 million (26 weeks to 2 July 2006)
and by £1.0 million (52 weeks to 31 December 2006) to reflect a reclassification
from other revenue to advertising revenue.

Revenue relating to discontinued operations was primarily from the United
Kingdom and Republic of Ireland. For the 26 weeks to 1 July 2007 revenue
relating to discontinued operations was split: £16.6 million circulation (26
weeks to 2 July 2006: £16.4 million and 52 weeks to 31 December 2006: £31.8
million), £7.2 million advertising (26 weeks to 2 July 2006: £6.4 million and 52
weeks to 31 December 2006: £13.3 million) and £2.0 million other (26 weeks to 2
July 2006: £2.0 million and 52 weeks to 31 December 2006: £4.4 million).


3. Non-recurring items
                                                                                   52 weeks to                       
                                                26 weeks to       26 weeks to      31 December
                                                     1 July            2 July             2006
                                                       2007              2006         (audited)
                                                        £m                 £m               £m
----------------------------------------------------------------------------------------------
Impairment of intangible assets (a)                 (150.0)            (250.0)          (250.0)
Restructuring costs (b)                               (3.9)                 -             (2.4)
Profit on disposal of land and buildings (c)           0.8                  -              0.8
Loss on disposal of subsidiary (d)                       -                  -             (1.8)
Release of accruals for which no further 
costs are expected (e)                                   -                  -              3.8
Profit on disposal of available-for-sale 
financial assets (f)                                     -                  -              1.6
----------------------------------------------------------------------------------------------
Non-recurring items                                 (153.1)            (250.0)          (248.0)
----------------------------------------------------------------------------------------------
(a) During the period, an impairment review of the carrying value of the
Group's intangible assets undertaken in accordance with IAS 36 indicated that an
impairment charge was required. Due to the significance of the intangible assets
the review is performed at each reporting date. In addition the Group is
currently completing a disposal programme. The impairment charge reduced the
carrying value of the Regional newspaper titles in the Midlands and London and
the South East by £150.0 million (26 weeks to 2 July 2006 and 52 weeks to 31
December 2006: £250.0 million) before tax. Net of tax, including changes in the
tax base, the impairment reduced the carrying value of the Regional newspaper
titles by £90.0 million (26 weeks to 2 July 2006 and 52 weeks to 31 December
2006: £175.0 million). The impairment charge was based on comparing carrying
value with fair value less costs to sell in respect of these businesses.

(b) Restructuring costs of £3.9 million (52 weeks to 31 December 2006: £2.4
million) were incurred in delivery of cost reduction measures and implementation
of a new operating model for the Group.

(c) The Group disposed of surplus land and buildings releasing a profit on
disposal of £0.8 million (52 weeks to 31 December 2006: £0.8 million).

(d) In 2006 the Group disposed of the hotgroup traditional recruitment
consultancy business realising a loss on disposal of £1.8 million.

(e) In 2006 the Group released accruals of £3.8 million for which no further
costs were expected.

(f) In 2006 the Group disposed of an asset realising a profit on disposal of
£1.6 million.



4.  Finance costs
                                          IAS 19    IAS 39   Other       Total
                                           £m(a)     £m(b)   £m(c)          £m
------------------------------------------------------------------------------
26 weeks to 1 July 2007
Income                                      43.4       8.5       0.5      52.4
Expense                                    (37.9)    (12.1)    (17.2)    (67.2)
------------------------------------------------------------------------------
Total finance income /(cost)                 5.5      (3.6)    (16.7)    (14.8)
------------------------------------------------------------------------------
26 weeks to 2 July 2006
Income                                      40.5       0.6       0.1      41.2
Expense                                    (35.9)    (15.5)    (16.6)    (68.0)
------------------------------------------------------------------------------
Total finance income/(cost)                  4.6     (14.9)    (16.5)    (26.8)
------------------------------------------------------------------------------
52 weeks to 31 December 2006 (audited)
Income                                      81.6      45.9       0.3     127.8
Expense                                    (71.7)    (50.8)    (31.8)   (154.3)
------------------------------------------------------------------------------
Total finance income/(cost)                  9.9      (4.9)    (31.5)    (26.5)
------------------------------------------------------------------------------

(a) IAS 19 finance income represents expected return on scheme assets net of
expected expenses and IAS 19 finance expense represents the interest cost on
scheme liabilities.
(b) Impact of fair value, exchange rate, and amortisation adjustments on
borrowings and associated financial instruments accounted for under IAS 39.
(c) Other finance costs include interest on obligations under finance leases of
£0.4 million (26 weeks to 2 July 2006 £0.5 million and 52 weeks to 31 December
2006 £1.0 million).


5. Tax
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Current tax
Corporation tax charge for the period                        (20.4)        (19.1)        (34.9)
Prior period adjustment                                       (1.8)            -          (0.9)
----------------------------------------------------------------------------------------------
Current tax charge                                           (22.2)        (19.1)        (35.8)
----------------------------------------------------------------------------------------------
Deferred tax
Tax credit for the period                                     36.4          74.8          60.8
Change in tax rates                                           30.0             -             -
Change in tax base                                            18.0
Prior period adjustment                                        3.6             -          (0.2)
----------------------------------------------------------------------------------------------
Deferred tax credit                                           88.0          74.8          60.6
----------------------------------------------------------------------------------------------
Total tax credit - continuing operations                      65.8          55.7          24.8
----------------------------------------------------------------------------------------------

Tax charge on discontinued operations                                  
----------------------------------------------------------------------------------------------
Tax on profit from operations                                 (2.7)         (3.9)         (6.7)
----------------------------------------------------------------------------------------------
Total tax charge - discontinued operations                    (2.7)         (3.9)         (6.7)
----------------------------------------------------------------------------------------------

Reconciliation of tax charge -  continuing operations            %             %             %
----------------------------------------------------------------------------------------------

Standard rate of corporation tax                              30.0          30.0          30.0
Tax effect of items that are not deductible in 
determining taxable loss                                      (4.0)         (0.4)         (2.8)
Tax effect of items that are not taxable in 
determining taxable loss                                         -             -           0.2
Tax effect of utilisation of tax losses not previously 
recognised in determining taxable loss                           -             -           0.7
Tax effect of share of results of associate                    0.1           0.1           0.4
Tax effect of rolled over and revaluation gains                  -           0.1           0.6
Impact on the opening deferred tax provision of the 
future change in tax rate                                     42.6             -             -
Impact on the current period deferred tax charge of 
the future change in tax rate                                 (3.7)            -             -
Impact of the change in the tax base of assets 
held for sale                                                 25.7             -             -
Prior period adjustment                                        2.8             -          (1.2)
----------------------------------------------------------------------------------------------
Tax charge rate - continuing operations                       93.5          29.8          27.9
----------------------------------------------------------------------------------------------

The impact of the substantively enacted change in the standard rate of
corporation tax to 28% from 1 April 2008 has resulted in the opening deferred
tax provision being recalculated with a £30.0 million credit in the income
statement and a £2.8 million debit taken directly to equity.

The deferred tax credit includes a credit of £42.0 million (26 weeks to 2 July
2006 and 52 weeks to 31 December 2006: £75.0 million) in relation to the
impairment charge with respect to intangible assets and a credit of £18.0
million (26 weeks to 2 July 2006 and 52 weeks to 31 December 2006: £nil million)
in respect of the impact of the change in the tax base of held for sale assets.

In addition to the amount charged to the income statement, deferred tax relating
to the actuarial gains on defined benefit pension schemes of £6.3 million (26
weeks to 2 July 2006: £16.8 million and 52 weeks to 31 December 2006: £18.8
million) has been debited directly to equity.


6.  Discontinued operations

During the period the Group discontinued its Sports division and in the prior
period the Group discontinued its Magazines and Exhibitions division. The
results of the discontinued operations, which have been included in the
consolidated income statement, were as follows:
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Revenue                                                       25.8          44.9          69.6
Cost of sales                                                (11.9)        (23.9)        (35.9)
----------------------------------------------------------------------------------------------
Gross profit                                                  13.9          21.0          33.7
Distribution costs                                            (2.2)         (3.8)         (6.4)
Administrative expenses:            
  Non-recurring                                                  -             -             -
  Other                                                       (2.8)         (4.5)         (5.7)
----------------------------------------------------------------------------------------------
Operating profit                                               8.9          12.7          21.6
Tax charge                                                    (2.7)         (3.9)         (6.7)
----------------------------------------------------------------------------------------------
Profit for the period                                          6.2           8.8          14.9
----------------------------------------------------------------------------------------------


7. Dividends
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Amounts recognised as distributions to equity holders 
in the period:
Dividend paid (a)                                             45.1          45.1          63.7
----------------------------------------------------------------------------------------------
                                                             Pence         Pence         Pence
----------------------------------------------------------------------------------------------
Dividend paid per share (a)                                   15.5          15.5          21.9
----------------------------------------------------------------------------------------------

                                                                £m            £m            £m
----------------------------------------------------------------------------------------------

Dividend proposed but not paid nor included in the 
accounting records (b)                                        18.8          18.8          45.4
----------------------------------------------------------------------------------------------

                                                             Pence         Pence         Pence
----------------------------------------------------------------------------------------------
Dividend proposed per share (b)                                6.4           6.4          15.5
----------------------------------------------------------------------------------------------

(a) The amount of £45.1 million is in respect of the final dividend for the
52 weeks to 31 December 2006 of 15.5 pence per share; the amount of £45.1
million is in respect of the final dividend for the 52 weeks to 1 January 2006
of 15.5 pence per share; the amount of £63.7 million is in respect of the final
dividend for the 52 weeks to 1 January 2006 of 15.5 pence per share and the
interim dividend for the 52 weeks to 31 December 2006 of 6.4 pence per share.

(b) The amount of £18.8 million represents the proposed interim dividend for
the 26 weeks to 1 July 2007 of 6.4 pence per share, which had not been approved
by the Board and as such is not reflected as a liability in this interim
financial report; the amount of £18.8 million represents the proposed interim
dividend for the 26 weeks to 2 July 2006 of 6.4 pence per share; the amount of
£45.4 million represents the proposed final dividend for the 52 weeks to 31
December 2006 of 15.5 pence per share.


8.       Earnings per share
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
Earnings                                                        £m            £m            £m
----------------------------------------------------------------------------------------------
Profit after tax before adjusted items*                       68.5          63.7         127.1
Adjusted items*:
  Sports division profit (after tax)                          (6.2)         (4.8)        (10.9)
  Non-recurring items (after tax)                            (92.1)       (175.0)       (173.0)
  Disposed business profit (after tax)                           -           0.6           0.6
  Reduction in charge for share-based payments relating 
   to 2004 and 2005 (after tax)                                  -             -           2.9
  Amortisation of intangibles (after tax)                     (2.2)         (4.9)         (7.4)
  IAS 39 impact (after tax)                                   (2.6)        (10.4)         (3.4)
  Tax credit resulting from the future change in tax rate     30.0             -             -
----------------------------------------------------------------------------------------------

Loss for the period from continuing operations                (4.6)       (130.8)        (64.1)

Profit for the period from discontinued operations             6.2           8.8          52.6
----------------------------------------------------------------------------------------------
Profit/(loss) for the period attributable to equity holders 
of the parent                                                  1.6        (122.0)        (11.5)
----------------------------------------------------------------------------------------------

Number of shares                                             ('000)        ('000)        ('000)
----------------------------------------------------------------------------------------------
Weighted average number of ordinary shares for the 
purpose of basic EPS                                       291,338       291,143       291,207
Effect of dilutive potential ordinary shares 
- share options                                                780         1,201           711
----------------------------------------------------------------------------------------------
Weighted average number of ordinary shares for the 
purpose of diluted EPS                                     292,118       292,344       291,918
----------------------------------------------------------------------------------------------

Discontinued operations relate to the Sports division for the 26 weeks to 1 July
2007 and the Sports and Magazines and Exhibitions divisions for the 26 weeks to
2 July 2006 and 52 weeks to 31 December 2006.

Basic earnings per share is calculated by dividing profit attributable to equity
holders by the weighted average number of ordinary shares during the period.

Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue on the assumption of conversion of all
potentially dilutive ordinary shares.

Earnings per share                                                     Pence   Pence     Pence
----------------------------------------------------------------------------------------------

Adjusted earnings per share* - basic                                    23.5    21.9      43.6
----------------------------------------------------------------------------------------------
Adjusted earnings per share* - diluted                                  23.4    21.8      43.5
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
Loss per share - continuing operations - basic                          (1.6)  (44.9)    (22.0)
----------------------------------------------------------------------------------------------
Loss per share - continuing operations - diluted                        (1.6)  (44.9)    (22.0)
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
Earnings per share - discontinued operations - basic                     2.1     3.0      18.0
----------------------------------------------------------------------------------------------
Earnings per share - discontinued operations - diluted                   2.1     3.0      18.0
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
Earnings/(loss) per share - total operations - basic                     0.5   (41.9)     (4.0)
----------------------------------------------------------------------------------------------
Earnings/(loss) per share - total operations - diluted                   0.5   (41.9)     (4.0)
----------------------------------------------------------------------------------------------

*Including the Sports division and excluding the Magazines and Exhibitions
division and traditional recruitment consultancy business, non-recurring items
(including the £150 million impairment of Regional Newspaper titles), the
amortisation of intangible assets and the impact of IAS 39. A reconciliation
between the adjusted and the statutory numbers is provided in note 17 on page
23.

The basic earnings/(loss) per share for each category of non-recurring items
disclosed in note 3 is as follows:

                                                                     Pence     Pence     Pence
----------------------------------------------------------------------------------------------
Impairment of intangibles                                            (31.0)    (60.1)    (60.1)
Restructuring costs                                                   (0.9)        -      (0.6)
Profit on disposal of land and buildings                               0.2         -       0.2
Loss on disposal of subsidiary                                           -         -      (0.5)
Release of accruals for which no further costs are expected              -         -       1.2
Profit on disposal of available-for-sale investments                     -         -       0.4
----------------------------------------------------------------------------------------------
Earnings per share - non recurring items                             (31.7)    (60.1)    (59.4)
----------------------------------------------------------------------------------------------



9. Notes to the cash flow statement
                                                                                    52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------

Operating loss from continuing operations                    (55.6)       (159.7)        (62.4)
Depreciation of property, plant and equipment                 17.3          19.7          39.8
Amortisation of other intangible assets                        3.0           7.0          10.6
Share of result of associate                                  (0.1)         (1.2)         (1.3)
Impairment of other intangible assets                        150.0         250.0         250.0
Charge for share-based payments                                1.6           1.4           2.4
Charge for share-based payments in respect of 2004 and 2005      -             -          (4.2)
Profit on disposal of land and buildings                      (0.8)            -          (0.8)
Profit on disposal of available-for-sale financial assets        -             -          (1.6)
Loss on disposal of subsidiary                                   -             -           1.8
Adjustment for IAS 19 pension funding                        (30.6)        (12.3)        (19.3)
----------------------------------------------------------------------------------------------
Operating cash flows before movements in working capital      84.8         104.9         215.0
(Increase)/decrease in inventories                            (0.3)         (0.1)          0.2
(Increase)/decrease in receivables                           (11.8)        (17.2)          6.7
Increase/(decrease) in payables                               15.8           4.9         (18.2)
----------------------------------------------------------------------------------------------
Cash generated from operations                                88.5          92.5         203.7
----------------------------------------------------------------------------------------------


10.   Held for sale assets and liabilities

The assets and liabilities relating to the Regional businesses in the Midlands
and London and the South East and the Sports division which are held for sale
have been classified as held for sale assets and held for sale liabilities in
the consolidated balance sheet at 1 July 2007. The held for sale assets and held
for sale liabilities at 2 July 2006 related to the Magazines and Exhibitions
division which was disposed of in July 2006.

The analysis of assets and liabilities included in held for sale assets and in
held for sale liabilities is shown below:

                                                            1 July        2 July   31 December
                                                              2007          2006          2006
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Held for sale assets:
  Non-current assets
    Intangible Assets                                       362.4            1.6             -
    Property, plant and equipment                            12.0            0.2             -
    Deferred tax asset                                          -            0.2
  Current assets
    Inventories                                               0.1              -             -
    Trade and other receivables                              33.2            7.3             -
    Cash and cash equivalents                                   -            2.3
----------------------------------------------------------------------------------------------
                                                            407.7           11.6             -
----------------------------------------------------------------------------------------------
Held for sale liabilities:
  Non-current liabilities
    Obligations under finance leases                         (0.9)             -             -


    Deferred tax liabilities                                (82.1)             -             -
    Provisions                                               (0.5)             -             -
  Current liabilities
    Trade and other payables                                (21.1)          (8.7)            -
    Current tax liabilities                                  (7.5)             -             -
    Obligations under finance leases                         (0.3)             -             -
    Provisions                                               (0.2)             -             -
----------------------------------------------------------------------------------------------
                                                           (112.6)          (8.7)            -
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
Net held for sale assets and liabilities                    295.1            2.9             -
----------------------------------------------------------------------------------------------


11.   Net debt
                                                       
                                                                               Other
                                    31 December                  IAS 39     non-cash   1 July
                                           2006    Cash flow     impact      charges     2007
                                             £m           £m         £m           £m        £m
----------------------------------------------------------------------------------------------
Non-current

Loan notes                               (346.3)            -        8.5        (0.8)   (338.6)
Derivative financial instruments         (107.4)            -      (12.1)          -    (119.5)
Obligations under finance leases          (13.2)          2.1          -           -     (11.1)
----------------------------------------------------------------------------------------------
                                         (466.9)          2.1       (3.6)       (0.8)   (469.2)
----------------------------------------------------------------------------------------------
Current
Bank overdrafts                            (3.3)          2.4          -           -      (0.9)
Short term loans                              -         (15.0)         -           -     (15.0)
Loan notes                                 (0.7)          0.1          -           -      (0.6)
Obligations under finance leases           (2.8)          0.2          -           -      (2.6)
----------------------------------------------------------------------------------------------
                                           (6.8)        (12.3)         -           -     (19.1)
----------------------------------------------------------------------------------------------
Cash and cash equivalents                  32.8         (12.3)         -           -      20.5
----------------------------------------------------------------------------------------------
Net Debt                                 (440.9)        (22.5)      (3.6)       (0.8)   (467.8)
----------------------------------------------------------------------------------------------

Included in net debt is £1.2 million of obligations under finance leases which
have been included in held for sale liabilities in the consolidated balance
sheet. Of this amount £0.9 million is non-current and £0.3 million is current.

Cash and cash equivalents represents the sum of the Group's bank balances and
cash in hand at the balance sheet date. Cash and cash equivalents at 1 July 2007
include £nil million (2 July 2006: £2.3 million and 31 December 2006: £nil) of
held for sale cash.

The US and UK private placement loan notes totalling US$602 million and £32
million were issued in 2001 and 2002. The fixed rate interest and capital
repayments on the US$ denominated loan notes have been swapped into floating
rate sterling through the use of cross-currency interest rate swaps. As hedge
accounting under IAS 39 has not been applied, the loan notes and cross-currency
swaps are shown separately in accordance with IAS 39. The loan notes are
disclosed at amortised cost and translated into sterling at the prevailing
period-end exchange rate and the cross-currency swaps are disclosed at fair
value at the period-end date. These values do not represent the amounts required
to repay the loan notes or cancel the related cross-currency interest rate
swaps.


12.  Share-based payments

During the period 745,552 (26 weeks to 2 July 2006 and 52 weeks to 31 December
2006: 757,971) share awards were granted to senior managers on a discretionary
basis under the Long Term Incentive Plan approved in 2004. The exercise price of
the granted awards is £1 for each block of awards granted. The awards vest after
three years, subject to the continued employment of the participant and
satisfaction of certain performance conditions.

During the period 343,196 (26 weeks to 2 July 2006 and 52 weeks to 31 December
2006: 206,369) share awards were granted to senior managers on a discretionary
basis under the Deferred Share Award Plan approved in 2006. The exercise price
of the granted awards is £1 for each block of awards granted. The awards vest
after three years, subject to continued employment of the participant.

Shares held for share-based payments are included in retained earnings and other
reserves at £11.9 million (2 July 2006 and 31 December 2006: £11.9 million)


13.  Retirement benefit schemes

The Group operates ten final salary pension schemes. All of these schemes are
closed to new employees. All new employees are entitled to participate in a
defined contribution plan, the Trinity Mirror Pension Plan.

Formal valuations of the defined benefit schemes are carried out regularly, the
actuarial methods and assumptions used to calculate each scheme's assets and
liabilities varying according to the actuarial and funding policies adopted by
their respective trustees.

Valuations have been performed in accordance with the requirements of IAS 19
with scheme liabilities calculated using a consistent projected unit valuation
method and compared to the market value of the schemes' assets at 29 June 2007,
the last day prior to the period end for which such values were available.

Based on actuarial advice, the financial assumptions used in calculating the
schemes' liabilities and the total value of those liabilities under IAS 19 are:

                                                              1 July      2 July   31 December
                                                                2007        2006          2006
Principal annual actuarial assumptions used:                       %           %             %
----------------------------------------------------------------------------------------------

Discount rate                                                   5.80        5.25          5.10
Inflation rate                                                  3.25        3.00          3.00
Expected return on scheme assets                           4.40-7.30   4.00-7.30     4.40-7.30
Expected rate of salary increases                               4.30        4.30          4.00
Pension increases:
Pre 6 April 1997 pensions                                  3.00-5.00   3.00-5.00     3.00-5.00
Post 6 April 1997 pensions                                 3.25-3.75   3.00-3.50     3.00-3.50

Actuarial value of scheme liabilities                       £1,509.8m   £1,478.9m     £1,511.0m
Actual return on scheme assets                                 £48.7m      £15.6m        £97.1m
----------------------------------------------------------------------------------------------

Post-retirement mortality tables and future      Future life expectancy (years) for    Future life expectancy (years) at
life expectancies at age 65                            a pensioner currently               age 65 for a non-pensioner
                                                             aged 65                           currently aged 55
Average                                                 Male        Female                     Male       Female
At 1 July 2007                                          20.1          23.0                     21.6         24.4
At 2 July 2006                                          18.6          21.3                     19.6         22.4
At 31 December 2006                                     18.6          21.3                     19.6         22.4
------------------------------------------------------------------------------------------------------------------------


The amount included in the balance sheet arising from the Group's obligations in
respect of its defined benefit retirement schemes is as follows:

Defined benefit schemes                                                            31 December
                                                              1 July      2 July          2006
                                                                2007        2006      (audited)
                                                                  £m          £m            £m
----------------------------------------------------------------------------------------------
Net scheme liabilities:
Present value of funded obligations                         (1,509.8)   (1,478.9)     (1,511.0)
Fair value of schemes' assets                                1,390.6     1,250.2       1,322.9
Effect of asset ceiling                                        (35.0)       (4.1)        (24.9)
----------------------------------------------------------------------------------------------
Schemes' deficits included in non-current liabilities         (154.2)     (232.8)       (213.0)
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------

Amounts recognised in the income statement   
                                                                                   52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Current service cost                                         (13.5)        (14.8)        (30.4)
Past service cost                                             (0.7)            -          (0.8)
----------------------------------------------------------------------------------------------
Total included in staff costs                                (14.2)        (14.8)        (31.2)
----------------------------------------------------------------------------------------------

Expected return on scheme assets                              43.4          40.5          81.6
Interest cost on pension schemes' liabilities                (37.9)        (35.9)        (71.7)
----------------------------------------------------------------------------------------------
Net finance credit                                             5.5           4.6           9.9
----------------------------------------------------------------------------------------------
Total included in the income statement                        (8.7)        (10.2)        (21.3)
----------------------------------------------------------------------------------------------

Movement in deficits during the period:
Opening deficits                                            (213.0)       (305.6)       (305.6)
Contributions                                                 45.0          27.1          51.2
Total charge to income statement                              (8.7)        (10.2)        (21.3)
Actuarial gains                                               32.6          56.9          84.5
Effect of asset ceiling                                      (10.1)         (1.0)        (21.8)
----------------------------------------------------------------------------------------------
Closing deficits                                            (154.2)       (232.8)       (213.0)
----------------------------------------------------------------------------------------------

Movement not recognised in income statement:
Actuarial gains                                               32.6          56.9          84.5
Effect of asset ceiling                                      (10.1)         (1.0)        (21.8)
----------------------------------------------------------------------------------------------
Total included in statement of recognised income 
and expense (before tax)                                      22.5          55.9          62.7
----------------------------------------------------------------------------------------------

Defined contribution schemes                                                       52 weeks to
                                                       26 weeks to   26 weeks to   31 December
                                                            1 July        2 July          2006
                                                              2007          2006      (audited)
                                                                £m            £m            £m
----------------------------------------------------------------------------------------------
Amounts recognised in the income statement:
Current service cost                                           0.5           0.4           1.0
----------------------------------------------------------------------------------------------


14.   Share capital and reserves
----------------------------------------------------------------------------------------------------------------------
                                                                                  Capital        Retained
                                           Share         Share   Revaluation   redemption    earnings and
                                         capital       premium       reserve      reserve  other reserves        Total
                                              £m            £m            £m           £m              £m           £m
----------------------------------------------------------------------------------------------------------------------
At 31 December 2006                        (29.3)     (1,120.0)         (4.9)        (0.8)          431.8       (723.2)
Total recognised income and expense 
for the period                                 -             -             -            -           (14.3)       (14.3)
Dividends                                      -             -             -            -            45.1         45.1
New share capital subscribed                   -          (0.5)            -            -               -         (0.5)
Credit to equity for equity-settled
share-based payments                           -             -             -            -            (1.6)        (1.6)
Tax on equity-settled share based
payments                                       -             -             -            -            (0.3)        (0.3)
----------------------------------------------------------------------------------------------------------------------
At 1 July 2007                             (29.3)     (1,120.5)         (4.9)        (0.8)          460.7       (694.8)
----------------------------------------------------------------------------------------------------------------------

Purchase of shares are included in retained earnings and other reserves at £11.9
million (2 July 2006 and 31 December 2006: £11.9 million), classified as
Treasury Shares. Cumulative goodwill written off to reserves in respect of
continuing businesses acquired prior to 1998 is £25.9 million (2 July 2006 and
31 December 2006: £25.9 million).

The capital redemption reserve was created when the Company embarked on the
share buy-back programme in 2005 and represents the nominal value of the shares
purchased and subsequently cancelled. The revaluation reserve relates to the
revaluation surplus on property, plant and equipment that has been revalued to
fair value from its historical cost.


15.   Acquisition of subsidiary undertakings

On 4 May 2007, the Group acquired Totallylegal.com Limited and its subsidiary
Totallyfinancial.com Limited for £11.8 million plus £0.2 million of transaction
costs. The results of the acquisition have been included in the Regionals
division in continuing operations.

The net assets acquired and the goodwill arising, are as follows:

                                   
                                  Acquiree's carrying amount      Fair value        Provisional
                                          before combination     adjustments         fair value
-----------------------------------------------------------------------------------------------
Net assets acquired:
Cash and cash equivalents                                0.8               -                0.8
Current assets                                           0.7               -                0.7
Current liabilities                                     (1.2)           (1.6)              (2.8)
Non-current liabilities                                    -               -                  -
-----------------------------------------------------------------------------------------------
                                                         0.3            (1.6)              (1.3)
-----------------------------------------------------------------------------------------------
Intangible assets                                                                           3.1
Goodwill                                                                                   10.2
-----------------------------------------------------------------------------------------------
Total consideration                                                                        12.0
-----------------------------------------------------------------------------------------------

Fair value adjustments reflect the alignment of the acquiree's accounting
policies with those of the Group. The goodwill arising on the acquisition is
attributed to the anticipated profitability and market share of the acquiree in
its new markets and the anticipated synergies with other acquisitions.

The initial accounting for the acquisition has not been finalised, due to
uncertainties regarding the valuation of acquired liabilities and provisions at
the acquisition date. These uncertainties are expected to be resolved within six
months of the acquisition date.

Net cash outflow arising on acquisition:

                                                                              £m
Cash consideration paid                                                     12.0
Cash and cash equivalents acquired                                          (0.8)
--------------------------------------------------------------------------------
                                                                            11.2
--------------------------------------------------------------------------------

The revenue and operating profit post acquisition of the subsidiary amounted to
£0.4 million and £0.2 million respectively. Total consideration for the
acquisition was satisfied in cash.


16.  Post balance sheet events

Since 1 July 2007 the Group has announced the sale of seven businesses in London
and the South East for a combined consideration of £92.9 million.


17.  Reconciliation of Group statutory results to adjusted results


26 weeks to 1 July 2007     Continuing
                            operations        Sports        Non-                         Share-          
                             statutory      division   recurring        Disposed          based
                                result                     items        business       payments
                                   (a)           (b)         (c)             (d)            (e)       
                                    £m           £m          £m               £m             £m 
-----------------------------------------------------------------------------------------------
Revenue                          500.5          25.8          -                -              -
Operating (loss)/profit          (55.6)          8.9       153.1               -              -
(Loss)/profit before tax         (70.4)          8.9       153.1               -              -
-----------------------------------------------------------------------------------------------
(Loss)/earnings per share:
Basic (pence)                     (1.6)          2.1        31.7               -              -
-----------------------------------------------------------------------------------------------


26 weeks to 1 July 2007                       IAS 39         Rate  
                           Amortisation       impact       change       Adjusted                 
                                     (f)         (g)          (h)         result
                                      £m          £m          £m              £m
--------------------------------------------------------------------------------
Revenue                                -            -          -           526.3
Operating (loss)/profit              3.0            -          -           109.4
(Loss)/profit before tax             3.0          3.6          -            98.2
-----------------------------------------------------------------------------------------------
(Loss)/earnings per share:
Basic (pence)                        0.7          0.9      (10.3)           23.5
-----------------------------------------------------------------------------------------------


26 weeks to 2 July 2006     Continuing
                            operations        Sports        Non-                         Share-          
                             statutory      division   recurring        Disposed          based
                                result                     items        business       payments
                                   (a)           (b)         (c)             (d)            (e)       
                                    £m           £m          £m               £m             £m 
-----------------------------------------------------------------------------------------------
Revenue                          521.7         24.8          -             (18.3)             -
Operating (loss)/profit         (159.7)         6.9      250.0              (0.9)             -
(Loss)/profit before tax        (186.5)         6.9      250.0              (0.9)             -
-----------------------------------------------------------------------------------------------
(Loss)/earnings per share:
Basic (pence)                    (44.9)         1.6       60.1              (0.2)             -
-----------------------------------------------------------------------------------------------


26 weeks to 2 July 2006                       IAS 39         Rate  
                           Amortisation       impact       change       Adjusted                 
                                     (f)         (g)          (h)         result
                                      £m          £m          £m              £m
--------------------------------------------------------------------------------

Revenue                                -           -           -           528.2
Operating (loss)/profit              7.0           -           -           103.3
(Loss)/profit before tax             7.0        14.9           -            91.4
--------------------------------------------------------------------------------
(Loss)/earnings per share:
Basic (pence)                        1.7         3.6           -            21.9
--------------------------------------------------------------------------------


52 weeks to 31              Continuing
December 2006               operations        Sports        Non-                         Share-          
                             statutory      division   recurring        Disposed          based
                                result                     items        business       payments
                                   (a)           (b)         (c)             (d)            (e)       
                                    £m           £m          £m               £m             £m 
-----------------------------------------------------------------------------------------------
Revenue                        1,003.5         49.5           -            (20.9)             -
Operating (loss)/profit          (62.4)        15.8       248.0             (0.8)          (4.2)
(Loss)/ profit before tax        (88.9)        15.8       248.0             (0.8)          (4.2)
-----------------------------------------------------------------------------------------------
(Loss)/earnings per share
Basic (pence)                    (22.0)         3.7        59.4             (0.2)          (1.0)
-----------------------------------------------------------------------------------------------


52 weeks to 31                                IAS 39         Rate  
December 2006              Amortisation       impact       change       Adjusted                 
                                     (f)         (g)          (h)         result
                                      £m          £m          £m              £m
--------------------------------------------------------------------------------
Revenue                                -           -           -         1,032.1
Operating (loss)/profit             10.6           -           -           207.0
(Loss)/profit before tax            10.6         4.9           -           185.4
--------------------------------------------------------------------------------
(Loss)/earnings per share
Basic (pence)                        2.5         1.2           -            43.6
--------------------------------------------------------------------------------

(a) Loss per share on continuing operations excluding discontinued
operations (Sports and Magazines and Exhibitions divisions).
(b) Sports division has been included in adjusted as it had not been
disposed of prior to the interim date while the Magazines and Exhibitions
division has been excluded from adjusted as it was disposed of in July 2006.
(c) Details of non-recurring items are set out in note 3.
(d) Sale of hotgroup traditional recruitment consultancy business.
(e) Share-based payments charge for 2004 and 2005 has been adjusted to
reflect non-market based performance criteria.
(f) Amortisation of intangible assets.
(g) Impact of fair value, exchange rate and amortisation adjustments on
borrowings and associated financial instruments, accounted for under IAS 39.
(h) Impact of change in tax rate from 30% to 28% on the opening deferred tax
position.

INDEPENDENT REVIEW REPORT TO TRINITY MIRROR PLC

Introduction

We have been instructed by the company to review the financial information for
the 26 weeks ended 1 July 2007 which comprises the consolidated income
statement, the consolidated balance sheet, the consolidated statement of
recognised income and expense, the consolidated cash flow statement and related
notes 1 to 17. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by Law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial
data, and, based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A review
excludes audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Standards on Auditing (UK and Ireland
) and therefore provides a lower level of assurance than an audit. Accordingly,
we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 26 weeks ended
1 July 2007.


Deloitte & Touche LLP
Chartered Accountants
2 August 2007




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