Trinity Mirror cautious amid poor ad market
By Alexandra Zeumer, Thursday 8 May 2008 at 22:51 :: General :: #1636 :: rss
As the economic outlook for advertising remains uncertain, Trinity Mirror Plc announced it will remain cautious, but predicts its performance for the year will not change from previous forecasts, Reuters reported Thursday.
The British newspaper publisher stated it is still poised to deliver £7 million in cost savings by the end of 2008.
As businesses have had to cut marketing budgets to offset slowing revenues, the advertising market has in turn become difficult and unpredictable, Reuters reported.
In a Thursday trading update, Trinity Mirror stated that the UK economic outlook remains uncertain “with the ongoing adverse implications of inflationary cost pressures, in particular energy and essential food items, and the wider implications of the credit crunch,” Reuters reported.
“Given this uncertain economic outlook for the UK we remain cautious about trading prospects,” the statement added.
Trinity Mirror Shares closed Wednesday at 260-3/4 pence, valuing the company at about £713.2 million.
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