Daily Mirror publisher Trinity Mirror has announced that it intends to change its name to Reach plc in an attempt to more accurately reflect the size of the company after its agreement to buy some of its best-known rival newspapers earlier this year.
The publisher on Monday also reported that revenues had fallen by 12.6 per cent to £623.2m in 2017 compared to 2016, bruised by a 24.9 per cent decline in print advertising sales – a fall which the company said was worse than market expectations.
Classified advertising also came under pressure with revenue in that division sliding by 25.1 per cent, primarily dragged down by a slump in recruitment.
But Trinity also said that it had managed to deliver £20m of cost savings last year, which was £5m ahead of its initial target. For this year, the group said that it was aiming for another £15m of savings.
Chief executive Simon Fox said described the group’s financial performance as “strong” in “what remains a difficult trading environment for the industry”.
In February, Trinity announced a £126.7m deal to buy several titles from Northern & Shell, including the Daily Express, the Daily Star and OK! magazine.
On Monday Mr Fox said that he was “pleased” with the acquisition and that it was “in line with our strategic focus on consolidation”.
He said that he is of the opinion that the deal “presents significant opportunities to realise real value”.
Commenting on the planned name change, which will be put to shareholders at an annual general meeting in May, the CEO said: “Through our content we reach millions of people every day. Our reach extends across multiple platforms in both print and digital and across the cities and communities that we serve.
“We think this is a name which better reflects what we do and what our ambitions are.”
Additional reporting by news wires