Business
Annual Results for 53 weeks ended 1 January 2017
Annual Results for 53 weeks ended 1 January 2017.
About this update from Reach Plc
[{"type":"text","content":"\n \nRNS Number : 8869X Trinity Mirror PLC 27 February 2017 \n\n \n27 February 2017\nTrinity Mirror plc\nAnnual Results Announcement\nFor the 53 weeks ended 1 January 2017\n\n\n\n\nResults\n\n\n Adjusted results (1)\n\n\n Statutory results\n\n\n\n\n\n\n\n2016\n\n\n2015\n\n\n2016\n\n\n2015\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 - actual\n\n\n713.0\n\n\n592.7\n\n\n713.0\n\n\n592.7\n\n\n\n\nOperating profit\n\n\n137.5\n\n\n109.6\n\n\n93.5\n\n\n82.2\n\n\n\n\nProfit before tax\n\n\n133.2\n\n\n107.5\n\n\n76.5\n\n\n67.2\n\n\n\n\nEarnings per share (2)\n\n\n38.1p\n\n\n33.9p\n\n\n24.9p\n\n\n30.2p\n\n\n\n\nDividends per share\n\n\n-\n\n\n-\n\n\n5.45p\n\n\n5.15p\n\n\n\n\n \nKey Highlights\n· Strong growth in adjusted operating profit and adjusted earnings per share\nStrong growth in adjusted operating profit of 25.5% and adjusted earnings per share of 12.4% driven by the benefits of the acquisition of Local World and continued tight management of the cost base with structural (including synergy) cost savings of £25 million, £10 million ahead of target. Group revenue increased by 20.3% to £713.0 million with like for like (3) revenue falling by 8.0%.\n· Continued growth in digital audience and revenue\nContinued growth in digital audience with average monthly page views on a like for like basis (4) growing by 15.4% to 636.1 million. Like for like publishing digital revenue grew by 12.8% to £78.5 million with digital display and transactional revenue growing by 24.7% partially offset by digital classified revenue falling by 11.3%.\n· Local World integration ahead of expectations\nExcellent progress on integrating Local World delivering £10 million of synergy savings in 2016. Forecast annualised savings of £15 million in 2017 which is £3 million ahead of the target announced at the time of the acquisition in 2015.\n· Pension deficit increase\nThe IAS19 pension deficit increased by £160.8 million to £466.0 million (£385.1 million net of deferred tax) driven by a fall in lo...