It's been all change on the board of Trinity Mirror so far this year, and the embattled newspaper group remains without a chief executive after the departure of Sly Bailey in June. Such distractions didn't stop it delivering a decent set of half-year figures, though, and a 25 per cent jump in the share price could mark the start of a recovery.
While difficult advertising markets meant overall revenues continued to slide, steady circulation revenues of £154m limited the decline, and tight cost control resulted in operating profit climbing 12 per cent to £45.2m. That's before the full benefit of initiatives such as the integration of its Scottish business and a shift to seven day publishing across its papers, which are expected to deliver annual cost savings of between £15m and £20m, and after continued investment in digital. Along with anticipated lower newsprint prices in the second half, full-year profits are now likely to be ahead of previous expectations. More importantly, strong operating cash flows meant a £40.3m reduction in net debt, including the repayment of maturing £69.7m private loan note.