British newspaper publisher Trinity Mirror, owner of the Daily Mirror, said its advertising markets remained in the doldrums as it posted a 6% rise in underlying annual profit, helped by tight cost controls.
'The pressure on earnings continues as there is as yet no sign of improvement in our traditional advertising markets,' Chairman Victor Blank said in a statement. Blank has said he will leave Trinity in May after its annual meeting.
'We also anticipate significant cost pressure from newsprint price increases of 7%, increasing energy costs, increased labour costs and other inflationary cost increases,' he said.
Trinity Mirror made £220.9m profit before tax and exceptional items in the 52 weeks to January 1, on revenues down 1.7% to £1.12 billion.
Cost control helped widen its margin to 22.5% from 21.8% amid falling advertising revenue, including a 'sharp decline' in recruitment advertising, Trinity's most profitable advertising category. The final dividend was set at 15.5 pence, making the total dividend 8.4% higher at 21.9 pence.
