Business
Annual Results for 52 weeks ended 31 December 2017
Annual Results for 52 weeks ended 31 December 2017.
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[{"type":"text","content":"\n \nRNS Number : 6459G Trinity Mirror PLC 05 March 2018 \n\n \n5 March 2018\nTrinity Mirror plc\nAnnual Results Announcement\nFor the 52 weeks ended 31 December 2017\n\n\n\n\nResults\n\n\n Adjusted results (1)\n\n\n Statutory results\n\n\n\n\n\n\n\n2017\n\n\n2016\n\n\n2017\n\n\n2016\n\n\n\n\n\n\n\n52 Weeks\n\n\n53 Weeks\n\n\n52 Weeks\n\n\n53 Weeks\n\n\n\n\n\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\nRevenue\n\n\n623.2\n\n\n713.0\n\n\n623.2\n\n\n713.0\n\n\n\n\nOperating profit\n\n\n124.7\n\n\n137.5\n\n\n97.9\n\n\n93.5\n\n\n\n\nProfit before tax\n\n\n122.5\n\n\n133.2\n\n\n81.9\n\n\n76.5\n\n\n\n\nEarnings per share\n\n\n36.1p\n\n\n38.1p\n\n\n23.0p\n\n\n24.9p\n\n\n\n\nDividends per share\n\n\n-\n\n\n-\n\n\n5.80p\n\n\n5.45p\n\n\n\n\nKey Highlights\n· Resilient performance in a difficult trading environment\nGroup revenue fell by 12.6% to £623.2 million. On a like for like (2) basis revenue fell by 8.8% impacted by the weak print trading environment. Strong management of the cost base enabled adjusted operating margin to increase by 0.7 percentage points to 20.0% delivering an adjusted operating profit of £124.7 million. Statutory operating profit increased by 4.7% to £97.9 million.\n· Continued growth in digital revenue\nLike for like publishing digital revenue grew by 7.0% to £83.9 million with digital display and transactional revenue growing by 18.2% partially offset by digital classified revenue, which is substantially upsold from print, falling by 25.1%.\n· Structural cost savings of £20 million\nWe delivered structural cost savings of £20 million in the year, £5 million ahead of the initial £15 million target set for the year. For 2018, we have targeted a further £15 million of structural cost savings.\n· Pension deficit fell by £88.4 million\nThe IAS19 pension deficit fell by £88.4 million to £377.6 million (£311.4 million net of deferred tax). The Group paid £38.7 million into the defined benefit pension schemes in the year (including £2.5 million in relation to the share buyback ...