The Trinity Mirror has reported decreases in operating profit due to declining advertising revenue; however, those ad revenue losses are slowing, The Financial Times reported.
The newspaper publisher's adjusted operating profits fell from £80.5 million to £49.1 million over the course of about six and a half months. Revenue dropped from £460.8 million to £383 million and the Mirror attributes £65.6 million of that fall to lost ad revenue. However, the numbers beat market expectations for the first half of the year.
The decline in ad sales is slowing, and thanks to that plus cost cutting measures, Trinity Mirror saw shares rise by 15 percent, according to Reuters. The UK publishing group said it expects numbers to continue to improve throughout the second half of the year.
In order to offset losses due to declines in the ad market, a series of cutbacks and layoffs have been imposed by the Trinity Mirror, which have been met with resistance by the National Union of Journalists.