Trinity Mirror saw its share price fall by as much as 29% following the reaction to its warning of profits down by 10%. The profit warning preceds the interim results due on 31st July 2008.
Sly Bailey, the chief executive of Trinity Mirror, said: “We can’t defy the gravity of the advertising market, or the economy. All we can do is understand and react to what is going on, building our digital business and managing our cost base.” (Times 30.06.2008)
In 2005, the share price was over 800, it stands on 30th June at 110. Share price (Yahoo) (long term)
Advertisement revenues in Trinity Mirror’s regional papers for houses, cars and jobs have fallen particularly sharply, as the economy has slowed and the housing market tumbled. Revenue from property ads fell 17.1 per cent in the half-year, while motor ads were down 17.5 per cent and recruitment fell 8.4 per cent. (FT Maggie Urry, 30.06.2008)
Trinity Mirror trading update in full.