Investors sent shares in Trinity Mirror (TNI) up 6 per cent after poor circulation prompted the Daily Mirror publisher to close New Day, the UK's first new national paper in three decades, just two months after launch.
IC TIP:
Buy
at
120p
Lower print advertising and circulation sales meant group-wide print publishing revenues slid 11 per cent in the four months to 1 May. But that was partly offset by digital growth: like-for-like monthly page views of Trinity Mirror's websites surged 22 per cent to 755m, driving digital revenues up 16 per cent. And strong cash generation meant net debt shrunk by 31 per cent to £64m.
Broker Numis expects EPS of 36.7p in 2016, up from 32.8p in 2015.
