Trinity Mirror plc
2004 Preliminary Results
for 53 weeks ended 2 January 2005
Trinity Mirror plc announces the Group's Preliminary Results for the 53 weeks ended 2 January 2005.
Operational Highlights
| "Stabilise Revitalise Grow" strategy delivering ahead of expectations |
| Robust revenue and profit performance Revenues(1) up 5.8% with operating profit(1,2) up 20.9%. Excluding the benefit of an additional weeks trading, revenues(1) are up 4.5% and operating profit(1,2) is up 16.6% |
| Continued improvement in Group margin(1,2) Increased from 19.4% to 22.2%. Excluding the additional weeks trading margin(1,2) improved to 21.7% |
| Incremental cost savings of £23.0 million Delivered net annualised savings of £28 million in 2004 and on target for at least £35 million net annualised savings for 2005 |
| Continued strength of cash flow contributing to £154.7 million fall in net debt to £450.4 million |
| Final dividend increased by 11.7% Annual dividend increased by 10.4% to 20.2 pence per share |
| Intention to return up to £250 million capital to shareholders through a three-year share buy-back programme commencing in 2005 |
Financial Highlights
|
Like-for-like(1,2)
(pre exceptional items) |
Actual
(post exceptional items) |
| |
2004
53
weeks
£m |
2004
52
weeks
£m |
2003
52
weeks
£m |
%
Change
2004 53
weeks |
%
Change
2004 52
weeks |
2004
£m
|
2003
£m
|
%
Change
|
| |
|
|
|
|
|
|
|
|
| Turnover |
1,141.7 |
1,127.5 |
1,078.9 |
5.8% |
4.5% |
1,141.7 |
1,095.1 |
4.3% |
| Operating profit |
253.1 |
244.2 |
209.4 |
20.9% |
16.6% |
240.9 |
100.5 |
139.7% |
| Profit before tax |
216.8 |
208.5 |
172.5 |
25.7% |
20.9% |
207.1 |
60.6 |
241.7% |
| |
|
|
|
|
|
|
|
|
| Earnings per share |
50.9p |
49.0p |
41.1p |
23.8% |
19.2% |
48.9p |
4.6p |
963.0% |
| Dividend per share |
|
|
|
|
|
20.2p |
18.3p |
10.4% |
| |
|
|
|
|
|
|
|
|
| Net debt |
|
|
|
|
|
450.4 |
605.1 |
|
| Footnotes |
| (1) |
Turnover and operating profit adjusted to exclude the results of Wheatley Dyson & Son Limited which was disposed of in February 2003 and the Irish regional newspaper titles in Belfast, Derry and Donegal which were disposed of in January 2004. During the 53 weeks ended 2 January 2005 these businesses achieved turnover of £nil million (2003: £16.2 million) and operating profit of £nil million (2003: £3.1million). Further narrative on the statutory financial information is provided in the financial summary on pages 11 and 12. |
| (2) |
Group operating exceptional items of £12.2 million (2003: £112.0 million) include a £nil million (2003: £100.0 million) impairment charge against the carrying value of the publishing rights and titles of our Regional titles in the South. Total exceptional items before tax of £9.7 million (2003: £111.9 million), and after tax of £6.0 million (2003: £106.7 million), also include the net profit on the disposal of subsidiary undertakings and properties. Further narrative on the statutory financial information is provided in the financial summary on pages 11 and 12. |
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