Trinity Mirror profits surge after buying Local World

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Newspaper firm Trinity Mirror has seen half-yearly profit rise 42.3% after it bought local paper group Local World.

Adjusted pre-tax profit for the 27 weeks to 3 July was £66.9m, as against £47m for the same period last year.

Trinity Mirror took control of Local World last October in a deal worth £220m, making it the UK’s largest regional news outlet.

The acquisition more than offset losses incurred by the group’s failed national daily the New Day, which closed in May.

It had hoped to sell about 200,000 copies a day, but sales were reportedly no more than 40,000 by the end of its nine weeks in existence.

“I am pleased we delivered another strong performance despite the challenging print environment,” said Trinity Mirror chief executive Simon Fox.

“We are already seeing the benefits from our acquisition of Local World last year and continue to tightly manage the cost base across the group.”

Local World was formed from a merger in 2012 of Daily Mail & General Trust’s Northcliffe Media, and Iliffe News & Media. The takeover means that Trinity Mirror now publishes more than 200 titles.



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