Trinity Mirror profits fall again

Pre-tax profit fell £14.4m to £67.2m for 2015 on a “challenging” print market, with revenue down 6.9 per cent, reports the BBC.

Although the company expected conditions to remain difficult this year, it has launched The New Day, a daily paid-for title.

It will cost 25p for two weeks before rising to 50p.

Chief executive Simon Fox said the new title “fills a gap in the market for a daily newspaper designed to co-exist in a digital age”.

The New Day is edited by Alison Phillips, the Mirror’s weekend editor.

She said she aimed to “cover important stories in a balanced way, without telling the reader what to think”.

The title would be a standalone paper rather than a cut-down version of the Daily or Sunday Mirror, Ms Phillips said, although it will take content from those titles along with Trinity’s regional titles and the Press Association news agency.

The new title has been launched despite declining sales of newspapers as readers increasingly move online.

Earlier this this month the owner of the Independent titles said the print versions would close at the end of March.

Trinity Mirror also said it had put aside £29m in relation to civil claims arising from phone hacking charges.

Annual revenue was a better than expected £592m, which helped send shares up 3.8 per cent in morning trading to 158.5p.

However, the shares is still down about 20 per cent over the past 12 months.