Trinity Mirror suffers 40% fall in profits
Thursday, 15 March 2012 - 10:21am
Trinity Mirror has reported a 40% fall in pre-tax profits to £74m for 2011, and agreed to cut pension fund payments by almost £70m as the publisher's pension deficit ballooned by almost half.
The publisher of the Daily Mirror, People and more than 100 regional titles said that it has been forced to strike deals for a new finance facility and with its pension trustees to give it sufficient financial flexibility for the forseeable future.
The company said it expects advertising revenues to be down 12% year-on-year in the first quarter of 2012, prompting it to announce plans to cut £15m in costs.