Trinity Mirror says: The Board continues to expect performance for the year to be in line with expectations.
During the first four months of 2015, revenue trends have been similar to those experienced at the end of 2014. Reported revenue fell by 10% year on year with underlying revenue falling by 8%. On an underlying basis Publishing revenue fell by 8%, with print declining by 10% and digital growing by 29%.
We continue to deliver strong growth in our digital audience with average monthly unique users and page views growing by 55% and 51% respectively. Publishing print revenue trends have been adversely impacted by the absence of a cover price increase for the Daily Mirror Monday to Friday edition, which has contributed to circulation revenue falling by 6%. Print advertising markets have remained challenging with underlying print advertising revenue falling by 14% driven by similar trends to those experienced at the end of 2014.
The business continues to deliver strong cash flows and had a net cash position of £20 million at the end of April as compared to net debt of £19 million at the 2014 year end. The £39 million net cash inflow during the period includes the benefit of dividends from our associated undertakings, £12 million from Local World and £4 million from Press Association.
