Trinity Mirror plc – Preliminary results for year ended 30 December 2012

Trinity Mirror plc has announced its preliminary esults for the year ended 30 December 2012

Highlights

  • Revenue fell by £54.2 million to £706.5 million – in part due to the launch of a new national Sunday tabloid during February 2012.
  • Operating profit up 2.5% to £107.1 million.
  • Structural cost savings of £25 million.
  • EPS growth of 10.7% from 27.0 pence to 29.9 pence – driven by increased operating profit and reduced interest costs on falling debt.
  • Further reduction in net debt of £64.2 million – net debt reduced to £157.0 million after funding £14.2 million investment in Local World.
  • Continued de-risking of the Group’s defined benefit pension schemes – 25% of gross liabilities hedged through insurance contracts.
  • A non cash impairment charge of £60 million against the carrying value of goodwill in the acquired digital recruitment and digital property businesses.

Commenting on the results, Simon Fox, Chief Executive, Trinity Mirror plc, said:

“It has become clear to me in my first six months that not only is Trinity Mirror a strong and cash generative business, as evidenced by this past year’s financial performance, but that there is significant further unrealised potential.

We will be investing £8 million during 2013 to deliver our strategic objectives whilst ensuring we repay maturing long-term debt over the next 15 months. Over this period our financial flexibility will improve such that we can both meet our pension funding obligations and consider the potential for returning capital to shareholders.

Although the trading environment is expected to remain difficult, the strategic initiatives I have implemented will bring significant benefits with the ambition of delivering sustainable profit growth over the medium term.”

More information here.

UK, London

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