Newspaper publisher Trinity Mirror has reported a 3 per cent year-on-year revenue decline for the first 17 weeks of 2014.
An interim management statement released today showed a print advertising revenue drop of 9 per cent for the year to 27 April.
But it also showed that digital advertising revenue grew year on year by 47 per cent.
The company reported that this rise occurred as digital audiences grew by 100 per cent year on year, with monthly page views now in excess of 400m.
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Profits have also been boosted by the publisher's contracts to work with football clubs. Trinity Mirror's Sport Media subsidiary works with football clubs on publishing magazines, books and programmes.
The statement said Trinity Mirror is “on track” to deliver the £10m of structural cost savings it has targeted for 2014. It reported that net debt has fallen by £26m to £71m.
The report said: “Continued momentum on our strategic initiatives coupled with ongoing cost mitigation provides the board with confidence that performance for 2014 is tracking in line with expectations.”
It also noted that the company is co-operating with police officers from Operation Elveden, into inappropriate payments made to public officials, and Operation Golding – the new invesigation into phone-hacking at the Sunday Mirror and Daily Mirror.
The statement said Trinity Mirror is also continuing to “challenge civil claims in relation to these matters”.
It said: “The group will not accept wrongdoing and takes all allegations seriously. It is too soon to know how these matters will progress, whether further allegations or claims will be made, and their financial impact.”
Read the full Trinity Mirror statement here.
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