The publisher of the Daily Mirror has reported a 14% fall in advertising revenues in the first four months, but said it remains on track to hit targets for the full year.
Trinity Mirror, which holds its annual general meeting on Thursday, said that total underlying revenues fell 8% in the first four months this year.
Print revenues declined by 10% in what the publisher said remains a “challenging market”.
“Publishing print revenue trends have been adversely impacted by the absence of a cover price increase for the Daily Mirror Monday to Friday edition, which has contributed to circulation revenue falling by 6%,” the company said.
Digital revenues showed strong growth, rising by 29% year-on-year in the first four months.
The company, which also publishes the Sunday Mirror and the Sunday People, said that its digital audience has grown strongly with a 55% increase in average monthly unique users and a 51% increase in page views year on year in the first four months.
Trinity Mirror said that the company had net cash of £20m as at the end of April, compared with net debt of £19m at the same time last year.
The company received £12m from Local World, the regional publishing business in which it owns a 20% stake, and £4m from the Press Association.
