Trinity Mirror shares surge on profit report
Shares in newspaper group Trinity Mirror closed up almost 13% after posting promising results.
The share rise followed the company saying it expected to hit 2015 profit forecasts and was net cash positive for the first time.
Trinity said cost cutting and growth in digital revenue countered a challenging print advertising market.
The Daily and Sunday Mirror publisher said first-half revenue fell by 8.7%, and publishing revenue fell by 8.8%.
Trinity Mirror publishes a number of UK newspapers, including The People, Liverpool Echo, Manchester Evening News, and Birmingham Mail.
The cost savings meant that adjusted pre-tax profit fell by just 2.5% to £47m for the first half.
Meanwhile, revenue from print sales was down 11.6%.
Simon Fox, chief executive of Trinity Mirror, said: "The print advertising environment has been more challenging than anticipated in the first half.
"As a result, whilst continuing to invest in people and technology to drive the ongoing growth in digital audience and revenue, we have taken further action to address our print cost base."
He said that the business had been generating cash to such an extent the group had a net cash position for the first time in its history at the end of the half year.
Shares rose 12.8%, or 17p, to 150p, valuing the company at £386m. The stock has fallen by almost a quarter over the past 12 months.