Trinity Mirror plc
2006 Interim Results
for the 26 weeks ended 2 July 2006
3 August 2006
stock exchange
Trinity Mirror plc announces the Group's Interim Results for the 26 weeks ended 2 July 2006.
Financial highlights
|
Adjusted results* |
Statutory Results |
| |
|
|
|
|
Continuing
operations |
Continuing
operations |
|
|
2006 |
2005 |
% |
2006 |
2005 |
% |
|
26 weeks
£m |
26 weeks
£m |
Change |
26 weeks
£m |
26 weeks
£m |
Change |
| |
|
|
|
|
|
|
| Revenue |
566.6 |
579.3 |
(2.2)% |
546.5 |
559.0 |
(2.2)% |
| Operating profit/(loss) |
110.0 |
128.3 |
(14.3)% |
(152.8) |
122.9 |
(224.3)% |
| Profit/(loss) before tax |
98.1 |
112.5 |
(12.8)% |
(179.6) |
107.8 |
(266.6)% |
| |
|
|
|
|
|
|
|
|
|
|
Total |
Total |
|
| Earnings/(loss) per share |
23.5p |
26.6p |
(11.7)% |
(41.9) |
26.7p |
(256.9)% |
| Dividends per share |
6.4p |
6.4p |
- |
6.4p |
6.4p |
- |
| |
|
|
|
|
|
|
Operational highlights
- Revenue* fell by 2.2% to £566.6 million as a result of a challenging advertising environment. Excluding acquisitions, revenue* fell by £38.3 million or 6.6%
- Operating profit* and profit before tax* fell by 14.3% and 12.8% respectively
- Net cost savings of £9.0 million. On target to achieve at least £15 million in full year
- Non cash impairment of the carrying value of Regional newspaper titles of £250.0 million in accordance with IAS 36
- Completed acquisition of Email4Property which complements the acquisition of Smartnewhomes in 2005 and extends our property advertising reach
- Completed divestment of our Magazines and Exhibitions division
- Despite net capital expenditure of £38.4 million and dividend payments of £45.1 million, strong cash flows resulted in net debt** increasing by only £22.5 million
- Proposed Interim dividend stable at 6.4p per share, reflecting continued confidence in strong cash flows
- The Board commences a review of the business to position the Group for future growth
- The Board expects performance for the year to be in line with current expectations despite continuing challenges in the advertising environment
*Including discontinued operations and excluding non-recurring items, amortisation and IAS 39.
**Excluding impact of IAS 39.
See reconciliation between statutory and adjusted results in note i on page 24.
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