Trinity Mirror paid an extra £9 million into its company pension fund because of better than expected revenues during 2013, the company has announced.
In a trading statement this morning, the unaudited results show that revenue in the company was better than expected in 2013 and operating profit could be as much as four per cent ahead of expectations.
The company said the increased cash-flow allowed it to pay £9 million into the company’s pension scheme ahead of a deadline later this year.
Trinity Mirror announced two significant impairment charges. One, of £225m, relates to goodwill and intangible assets. A second charge, of £700m, relates to a writing down in the value of subsidiary businesses.
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Simon Fox, chief executive of Trinity Mirror, said: “I am pleased with the group’s performance for 2013, which is ahead of our expectations following a better than anticipated end to the year.
“The impairment charges are driven by technical accounting requirements. They do not relate to or impact the progress we are making with our strategy and I continue to believe that the business has significant long term potential.
"In the meantime trading for the start of 2014 is in line with our expectations.”
According to the trading statement, digital revenue grew by 32 per cent in 2013 and offset a three per cent fall in print revenue.
The statement said that 2014 has begun in accordance with the company’s expectations
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