10611
RNS Number : 9034N
Trinity Mirror PLC
21 May 2015
 



 

 

 

 

Trinity Mirror plc

21 May 2015

 

 

Update in relation to phone hacking

 

We note the judgment released today by Mr Justice Mann following the conclusion of the civil trial for the assessment of damages for 8 representative claimants arising from phone hacking. Our subsidiary MGN Limited has already accepted that it should pay appropriate compensation to individuals who were the target of phone hacking.  However, our initial view of the lengthy judgment is that the basis used for calculating damages is incorrect and we are therefore considering whether to seek permission to appeal.

 

There remains uncertainty as to how matters will progress.  As the legal process has taken longer and the costs of settling claims is likely to be higher than previously anticipated we are increasing our provision to deal with matters arising from phone hacking by £16 million. This is in addition to the £12 million provided in 2014.

 

The Board is confident that the exposures arising from these historic events are manageable and do not undermine the delivery of the Group's strategy for growth.

 

Further updates will be made if there are any significant developments or our estimate of the financial exposure was to materially change.

 

  

 

 

Enquiries

Trinity Mirror

 

Simon Fox, Chief Executive

Vijay Vaghela, Group Finance Director

Elizabeth Holloway, Corporate Communications

020 7293 3553

 

Brunswick

 

Mike Smith

020 7404 5959

Jon Drage

 

 


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