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01/03/2002
Trinity Mirror to make second wave of job cuts in a year
Leading UK newspaper publisher, Trinity Mirror has announced plans to shed 300 jobs within the group.
The news came as the company reported a near five per cent rise in turnover for the 12 months to December despite what it described as one of the toughest trading periods in its history. These latest cuts follow last July's jobs cuts of 800 staff by the group.
Commenting on the past year, Chairman Sir Victor Blank said: “In the course of the past year we have strengthened Trinity Mirror, during one of the toughest trading periods in recent history. We have delivered a cohesive and wide-ranging review of our regional businesses that is starting to deliver real operational benefits; our Scottish national titles are beginning to create more value from their market leading positions and now we are outlining a new and revitalized strategy for value creation in our Mirror titles.
"In the first two months of 2002, the advertising market has remained tough. The directors believe it is prudent to plan on this remaining so throughout most of the year. However, the strategic initiatives and successful cost reduction programmes give the Board confidence in the underlying performance this year.”
Regionally, Trinity Mirror's titles reported advertising growth of one per cent in December, but this figure fell back by six per cent in January and three per cent in February. (MB)
The news came as the company reported a near five per cent rise in turnover for the 12 months to December despite what it described as one of the toughest trading periods in its history. These latest cuts follow last July's jobs cuts of 800 staff by the group.
Commenting on the past year, Chairman Sir Victor Blank said: “In the course of the past year we have strengthened Trinity Mirror, during one of the toughest trading periods in recent history. We have delivered a cohesive and wide-ranging review of our regional businesses that is starting to deliver real operational benefits; our Scottish national titles are beginning to create more value from their market leading positions and now we are outlining a new and revitalized strategy for value creation in our Mirror titles.
"In the first two months of 2002, the advertising market has remained tough. The directors believe it is prudent to plan on this remaining so throughout most of the year. However, the strategic initiatives and successful cost reduction programmes give the Board confidence in the underlying performance this year.”
Regionally, Trinity Mirror's titles reported advertising growth of one per cent in December, but this figure fell back by six per cent in January and three per cent in February. (MB)
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