Trinity Mirror profits set to beat forecasts
Shares in Trinity Mirror have soared by 19% after the newspaper group reported a rise in six-month profits and said it expected to exceed "current expectations" for the year as a whole.
Benefiting from cost-cutting work, the company made a pre-tax profit of £35.1m in the half-year to 1 July, up 21% from £28.9m a year earlier.
The strong results come two weeks after Trinity Mirror's former chief executive Sly Bailey stood down.
Trinity Mirror's revenues were down 4%.
With both circulation and advertising falling, its revenues declined to £356m from £371m a year before.
Trinity Mirror's main national titles are the Daily Mirror, Sunday Mirror and The People.
During the first half of the year its cost-cutting measures including creating a seven-day joint operation for the Daily and Sunday Mirror, plus integrating its two Scottish operations, which include the publishing of the Daily Record.
Ms Bailey left the company with immediate effect on 15 June, six months earlier than she had initially been due to depart.
Her departure followed shareholder anger over Ms Bailey's pay package, and Trinity Mirror's share price falling by 90% over five years.
Its shares were up six pence to 37p in early trading in London.
Trinity Mirror chairman David Grigson said: "Trinity Mirror is a company with a strong portfolio of media assets and an impressive track record of cost and cash flow management in what have been difficult times.
"Once we have a new chief executive at the helm I am confident that the group can build on these strengths and provide a bright and prosperous future for all its stakeholders."