2005 Interim Results
for the 26 weeks ended 3 July 2005
28 July 2005
stock exchange
|
Trinity Mirror plc announces the Group's Interim Results(3) for the 26 weeks ended 3 July 2005. The operational and financial highlights reflect the adoption of International Financial Reporting Standards for the period.
|
Operational Highlights
- Revenue and operating profit(1) growth of 1.2% and 7.9% respectively in a challenging advertising revenue environment
- Improved Group operating margins(1) by 1.3% to 22.1% with Regionals division operating margins(1) increasing by 1.1% to 28.4%
- Earnings per share growth, before impact of IAS 39(4) on financial instruments and before non-recurring items(2), of 13.2%, with the interim dividend increased by 8.5% to 6.4 pence per share
- Incremental cost savings of £4.1 million and on track to achieve at least £35 million net annualised savings for the year
- £32.5 million expended on share buy-back programme during the period and on track to achieve a £250 million return of capital over three years
- £83 million capital investment in printing presses over three years enhancing manufacturing efficiency and providing full colour for the Group's five National newspapers and a number of Regional newspaper titles by the beginning of 2008
- Strong operating cash flows up 2.0% to £129.9 million and stable net debt at £457.4 million excluding the impact of IAS 39(4)
Financial Highlights
|
|
| |
2005(2)
£m |
2004(2)
£m |
Change
% |
|
|
| Revenue |
579.3 |
572.7 |
+1.2% |
| Group operating profit pre non-recurring items(1) |
128.3 |
118.9 |
+7.9% |
| Group operating profit post non-recurring items |
128.3 |
115.4 |
+11.2% |
| Profit before IAS 39(4) impact and pre non-recurring items(2) |
112.5 |
99.5 |
+13.1% |
| Profit before tax post non-recurring items |
113.2 |
98.5 |
+14.9% |
| |
| |
Pence |
Pence |
Change |
| Per share |
|
|
% |
| Underlying earnings before IAS 39(4) impact and pre non-recurring items(2) |
26.6p |
23.5p |
+13.2% |
| Underlying earnings pre non-recurring items(2) |
26.7p |
23.5p |
+13.6% |
| Basic earnings post non-recurring items |
26.7p |
23.5p |
+13.6% |
| Dividend per share |
6.4p |
5.9p |
+8.5% |
| (1) |
Excludes operating non-recurring items of £nil (2004: £3.5 million charge) |
| (2) |
Excludes net non-recurring items before tax of £nil (2004: £1.0 million charge) |
| (3) |
Accounting policies used in the preparation of the unaudited financial information for the 26 weeks ended 3 July 2005 reflect changes resulting from the adoption of International Financial Reporting Standards. The accounting policies adopted are detailed in note 2 on page 14. The 2004 interim results have been restated on this basis. (See note 17 on page 27) |
| (4) |
Impact of fair value, exchange rate, and amortisation adjustments on borrowings and associated financial instruments accounted for under IAS 39. References to ISA 39 throughout his document shall have the same meaning |
|
Sir Victor Blank, Chairman of Trinity Mirror plc, commented:
"Management continues to deliver value to shareholders by improving the business, delivering against our financial targets and driving the growth strategy forward with even greater vigour."
Sly Bailey, Chief Executive of Trinity Mirror plc, commented:
"We have delivered a satisfactory performance, despite the current trading environment. I believe that this demonstrates that we have stabilised and revitalised the business to achieve sustainable improvements in performance. Having stabilised the core business, we remain fully focused on growth."
Download full announcement:
Back
