Newspaper group Trinity Mirror – which owns the Stockport Express and the Manchester Evening News – has announced an increase in profits but an overall drop in overall revenues.
Today’s results, published as The New Day hit the streets for the first time, show overall revenues at the group fell by 6.9% to £592.7m during 2015.
However, with cost reductions of £20m, operating profits rose by 3.9pc to £109.6m.
The report also shows underlying digital publishing revenues grew by 21.9pc during the year, increasing from 32.4% to £42.9m.
Print publishing revenues continue to struggle and fell from £521.6m in 2014 to £485.9m last year.
Simon Fox, chief executive, said: “Whilst we expect print markets to remain difficult in 2016, the continued implementation of our strategy gives the Board confidence in our performance for the year ahead.
“We have today launched, The New Day. It is an exciting and innovative initiative which we believe fills a gap in the market for a daily newspaper designed to co-exist in a digital age.”
Trinity said circulation of its flagship publication, the Daily Mirror, had fallen below industry averages and its commercial department was finding its increasing more difficult to attract national advertising to its regional titles.
It is trying to balance traditional printing and newspapers with its ‘digital-first’ approach to news.
Much of the group’s profit was bolstered by continued cost-savings, while for the year ahead the group has high hopes for the Local World operation acquired in October in a deal worth almost £155m.
The company has targeted cost savings of £15m for 2016 following £20m in 2015.
Included within the company’s financial results is a £29 million provision for charges in relation to settling claims over phone hacking.
It also bought a number of titles from Local World last year.