Daily Record owner looks to ramp up cost-cutting

The publisher of the Daily Record and Daily Mirror newspapers is to ramp up a cost-cutting drive after reporting falling half-year sales and profits.

Trinity Mirror saw pretax profits drop 15 per cent to £38.2 million in the six months to 2 July, while revenue also dropped 15 per cent, to £320m.

The group was stung by an 18 per cent fall in print advertising revenue and a 23.5 per cent drop in classifieds. Circulation fell 6.3 per cent on a like-for-like basis.

Trinity will now look for an additional £5m in cost savings this year, up to £20m from £15m. Chief executive Simon Fox said: “We remain on course to meet expectations for the year.”