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More face the sack as Trinity ups cost cuts
26 Feb 2009
Newspaper publisher Trinity Mirror looks set to shed more jobs as it increases cost-saving targets by £5 million to £25 million this year.
The group has already said this week that it will sack up to 70 journalists, almost a third of editorial staff, from its Glasgow-based Scottish newspapers.
It said today that it cut costs by £30 million last year, £10 million ahead of target. Nevertheless, operating profits fell to £145.2 million from £186.1 million the year before, and net debt is £348.7 million. Net profit was down to £124.2 million from £191 million. Group revenues fell to £871.7 million from £932.3 million.
Chief executive Sly Bailey said the group has "performed creditably in very difficult trading conditions".
Trinity Mirror revamped its operations in the Midlands at a cost of 65 editorial jobs. A similar restructuring in the North in November cost 106 jobs, and 16 jobs were cut in the South-East last month.
