Telling the Story Yesterday. Today. Tomorrow INTERIM RESULTS. Trinity Mirror plc. 3 August 2015

Transcription

1 Telling the Story Yesterday. Today. Tomorrow INTERIM RESULTS 3 August 2015

2 Today s agenda Highlights Financial update Simon Fox Vijay Vaghela Strategic and operational update Simon Fox 1

3 Highlights Continued strong growth in digital audience and revenue whilst print advertising revenues remained challenging Average monthly unique users and page views up 55% and 59% respectively Publishing digital display advertising revenues grew by 44.0% Group performance Profit before tax of 47.0 million, down marginally by 2.5% (2014: 48.2 million) Earnings per share of 15.3 pence, down marginally by 1.3% (2014: 15.5 pence) Improved financial flexibility Net cash of 23.9 million (December 2014: net debt of 19.3 million) Interim dividend of 2 pence per ordinary share Outlook Strategy remains on track Although the trading environment remains challenging, the Board continues to expect profits for 2015 to be in line with expectations 2

4 Vijay Vaghela GROUP FINANCE DIRECTOR 3

5 Group performance Change Change m m m % Revenue (35.7) (11.0%) Costs (244.1) (277.0) % Associates % Operating profit (2.4) (4.8%) Net interest (0.9) (2.1) % Profit before tax (1.2) (2.5%) Profit after tax (0.4) (1.0%) Earnings per share (pence) (0.2) (1.3%) Operating margin pre associates 15.4% 14.6% 0.8% 5.5% On an adjusted basis as described on slide 44. Underlying revenue fell by 8.7% with a 7.1% decline in Q1 and a 10.3% decline in Q2 Earnings per share down marginally by 1.3% Revenue decline mitigated by: Tight management of the cost base Share of profits from associates up 0.4 million Interest costs down by 1.2 million Lower tax rate 4

6 Publishing Change Change m m m % Print (31.0) (11.6%) Digital % Revenue (27.0) (9.6%) Costs (205.1) (227.9) % Operating profit (4.2) (7.8%) Operating margin 19.4% 19.1% 0.3% 1.6% Underlying Publishing revenue fell by 8.8%, with print down 10.9% and digital up 26.8% Continue to drive through efficiencies -costs down 22.8 million After absorbing incremental investment in digital of 3.0 million Operating profit down only 4.2 million despite revenue decline of 27.0 million Operating margin up 0.3 percentage points to 19.4% 5

7 Publishing print revenue Change Change m m m % Circulation (8.2) (5.8%) Advertising (20.6) (19.0%) Display (12.9) (21.1%) Classified (5.7) (14.8%) Other (2.0) (22.2%) Other (2.2) (13.8%) Revenue (31.0) (11.6%) Circulation revenues fell by 5.8% Q1 down 6.1% and Q2 down 5.4% June down 5.0% Daily Mirror continues to outperform the UK national daily tabloid market Advertising market remains challenging with underlying print advertising down by 17.5% Continued pressure in national advertising with underlying display advertising falling by 20.1% Classified trends fairly consistent all year with an underlying decline of 12.2% Other revenue impacted by continued pressure on leaflets, lower waste sales and lower reader offers revenues 6

8 Publishing digital revenue Change Change m m m % Advertising % Display % Classified recruitment Classified other (0.1) (3.3%) Other % Revenue % Digital revenues up 26.8% Advertising revenues up 25.8% Display revenue up 44.0% following strong growth in audience Other revenue comprising commercial partnerships continues to deliver strong growth 7

9 Printing Change Change m m m % Contract printing (2.0) (10.3%) Newsprint supply (7.4) (56.9%) Other revenue (0.2) (15.4%) Revenue (9.6) (28.4%) External costs (79.2) (98.8) % Publishing division recharge (10.0) (15.4%) Operating result Contract printing revenue decline reflects falling volumes not fully mitigated by new business Closed small print site in Blantyre, Scotland We have successfully retained contracts for the Independent and i, the Racing Post and Local World Newsprint supply revenues fell Lower volumes and prices We ceased supplying newsprint to the Independent and iat the beginning of the year Charges to the Publishing division fell by 10.0 million 8

10 Other segments Specialist Digital Profits improved by 0.5 million to 1.3 million Revenues up 8.7% in our recruitment business and 8.2% growth in digital marketing services Central Revenue grew as further space sublet at Canary Wharf Specialist Digital Central Change Change m m % m m % Advertising % Other % % Revenue % % Costs (6.5) (6.4) (1.6%) (8.3) (8.9) 6.7% Associates % Operating profit/(loss) % (2.9) (4.2) 31.0% Share of profits from associates up 0.4 million with growth achieved by both Local World and PA Group Dividends received from Local Worldand PA Group of 12.0 million and 4.3 million respectively 9

11 Cost savings Change Change m m m % Labour % Newsprint % Depreciation % Other % Costs % Continued tight cost management Excluding the change in newsprint supply arrangements, operating costs fell by 27.1 million Structural cost savings of 7 million Fall in newsprint prices Cost savings after further investment in digital of 3.0 million Increased structural cost savings target for 2015 by 10 million to 20 million 10

12 Non-recurring items and restructuring charges Non-recurring items m m Provision for historical legal issues (16.0) (4.0) Closure of print site (1.4) - Non-recurring items excluding associates (17.4) (4.0) Non-recurring items included in share of results of associates (0.1) 27.6 Total non-recurring items including associates (17.5) million provision for dealing with historical legal issues in relation to phone hacking 1.4 million charge for closure of print site Restructuring charges Incurred 7.3 million of restructuring costs in delivery of the structural cost savings Expecting 15 million restructuring costs in the full year 11

13 Pensions Assets increased by 6.0 million Positive asset returns ( 36.4 million) and company contributions ( 9.9 million) have been partially offset by pension payments ( 39.3 million) and administrative expenses ( 1.0 million) Liabilities fell by 4.4 million Pensionpaymentsnotfullyoffsetbyafurtherfallintherealdiscountrateof0.05%to0.60% Every0.50%changeindiscountrateimpactsthedeficitby 121to 133million 20% or million of liabilities are secured by insurance contracts 51% of assets, excluding insurance contracts, held in equities Jun Dec Change m m m Fair value of scheme assets 1, , Present value of scheme liabilities (1,858.8) (1,863.2) 4.4 Net scheme deficit (290.8) (301.2) 10.4 Net scheme deficit after deferred tax (232.6) (241.0)

14 Cash flow and financing Strong cash flows of 43.2 million Net cash at the end of June of 23.9 million Final debt repayment of 68.3 million not due until June 2017 Undrawn 60 million bank facility committed until July Change m m m Operating profit (2.4) Depreciation (0.5) Pension funding (9.9) - (9.9) Net capital expenditure (2.1) (4.9) 2.8 Net interest (0.9) (2.3) 1.4 Restructuring charges in respect of cost reduction measures (7.3) (9.3) 2.0 Taxation (4.6) (9.3) 4.7 Dividends from associates Dividends paid (7.5) - (7.5) Other (0.4) 4.3 (4.7) Cash flow Jun Dec Change m m m Loan notes (68.3) (68.3) - Cash balances Contracted net cash/(debt) 23.9 (19.3)

15 Current trading and outlook Revenue environment has remained challenging in H1 Profit supported by Increased structural cost saving target for 2015 by 10 million to 20 million Ongoing cost mitigation actions Digital investment to drive revenue Capital expenditure of 10 million, a reduction of 5 million from previous guidance Better trend in July with underlying revenue decline of 9% Although revenues expected to remain volatile, the Board continues to expect profits for the full year to be in line with expectations 14

16 Simon Fox CHIEF EXECUTIVE 15

17 Areas of strategic focus Strategic focus Protecting and revitalising our core brands in print KPI Outperform print trends Growing our existing brands onto digital delivery channels Digital growth Continuing our relentless focus on efficiency and cost management Targeted cost savings Launching, developing, investing in or acquiring new businesses built around distinctive content or audience Portfolio of growing businesses Deliver sustainable growth in revenue and profit 16

18 Protecting and revitalising our core brands in print 17

19 Protecting and revitalising our core brands in print What s happened to print? Marked slow-down in print advertising Accelerated in Q as a result of further contraction of retail advertising spend The tabloid market, particularly the red-tops, have been more affected than the qualities Narrower advertiser set Dependence on retail / telecoms There is an underlying shift of spend away from press into digital National newspapers advertising as a proportion of total UK advertising expenditure declined from 7.3% in 2013 to 5.7% in 2015 With digital growing from 36.5% in 2013 to 43.3% in 2015 TV has been successful in holding share through price inflation TV spend of total UK advertising expenditure remained at 24.6% in 2013 and 2014 TV yields have held up despite viewing declining by 5.4% in 2014 Source: AA/WARC Expenditure Report Q released in April 2015, Enders Analysis December 2014, Enders Analysis US and UK TV ad markets [ ] 18

20 Protecting and revitalising our core brands in print Is the pendulum about to swing back? Enders estimate the UK newspaper print advertising market to be worth 1.7 billion in 2017 there s some really strong evidence that engagement with traditional print is greater than that engagement with so-called new media and maybe print is more effective than people give it credit [for]. ~ Martin Sorrell, CEO of WPP "We are seduced by digital media and it's not necessarily because its more effective...and that the shift to online has gone too far...print is still powerful."~ Pablo Del Campo, Worldwide Creative Director of Saatchi & Saatchi Is print becoming the only media that captures the customers full attention without multi-tasking delivering both content and engagement? 19

21 Protecting and revitalising our core brands in print We are well-placed to adapt to the changing print environment Our print reach is significant and our market position is unique National, Regional and digital at scale In print: National: 7 million weekly reach Regional: 4 million weekly reach Trinity Mirror titles: 11 million weekly reach Trinity Mirror Solutions: 16 million weekly reach Source: JICREG as at April 2015 Quality journalism Daily Record Eight awards 20

22 Protecting and revitalising our core brands in print We are well-placed to adapt to the changing print environment Continuously outperforming the print market Average six-month circulation of the Daily Mirror was 2.0% better than the redtop market in H Evolving our organisation to capitalise on the strengths of our brands and uniqueness of our proposition Continuous reviewing of our print portfolio Collaborative working of editorial and commercial resources 21

23 The new regional daily Make people feel good about where they live #TellAli 22

24 Protecting and revitalising our core brands in print Launch of a repositioned Liverpool Echo Emphasis on What s On Helping people make the most of their city Modern and stylish Digestible 23

25 Protecting and revitalising our core brands in print Growth in media content marketing Content/native ad revenue in Paid Media estimates 2014 ( m) billion m Source: Enders Analysis: Content marketing: publishers saviour [ ] Online TV Newspapers Magazines Radio Brands are investing 1.2 billion a year on content marketing with paid media Reported growth in media content marketing of 20% and 40% Hence the TM Inventions team group-wide creative solutions department to deliver highly-creative and bespoke multi-platform advertising solutions and sponsorship packages 24

26 Protecting and revitalising our core brands in print New Invention deals Star Wars Day Fully immersive May 4 th takeover of Mirror newsbrand: masthead, bespoke brand partner ads, interactive content and social conversation 25

27 Protecting and revitalising our core brands in print New Invention deals Kellogg s 3 rd campaign for Kellogg s in 18 months. Utilised our events team to create a city farm for a day in Manchester, Kellogg s HQ 26

28 Protecting and revitalising our core brands in print New Invention deals NHS Blood & Transplant Missing Type campaign Raise awareness of the severe lack of blood type A&O and encouraging more people to become regular blood donors 27

29 Protecting and revitalising our core brands in print Brands we worked with in Invention 28

30 Growing our existing brands onto digital delivery channels 29

31 Growing our existing brands onto digital delivery channels Our scale in digital Newsbrands digital audience in the UK June 2015 (m) Mail Online Trinity Mirror Guardian Telegraph Source: Comscore multi-platform UK only, June

32 Growing our existing brands onto digital delivery channels Continue to grow our Group audience and page views Group monthly unique browsers (m) Group monthly page views (m) % % m m June 14 June 15 - June 14 June 15 Source: Omniture (includes desktop, mobile and apps) 31

33 Growing our existing brands onto digital delivery channels Our digital revenues Publishing digital revenues H and H (m) Publishing digital revenues H (m) m % H H % +35% Display Classified Other +44% Source: TM information 32

34 Growing our existing brands onto digital delivery channels New mobile apps to build daily audience loyalty and grow revenue Designed and built in-house Completely customisable New interface and greater user experience More opportunities for advertisers (new ad formats, more placements e.g. enabling geo-locating and push notifications for local deals and offers) 33

35 Growing our existing brands onto digital delivery channels Improved user experience on mobile web Increased engagement as articles are adjoined Users stream seamlessly through the content Mirror engagement up 22% from 1.33article page views per visit to 1.62article page views per visit Each mobile article page contains a banner and a mid page unit so inventory is increased 34

36 Growing our existing brands onto digital delivery channels Video growth continues Monthly video views across Trinity Mirror (m) June 15 views: +249% yoy Jan-14 Feb-14 Mar-14 Apr-14 May-14 m Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 H video revenues up 300%+ year on year 35

37 Continuing our relentless focus on efficiency and cost management 36

38 Continuing our relentless focus on efficiency and cost management Cost management remains a key area of focus given revenue trends We delivered 7 million of structural cost savings in H1 Increased structural cost savings target of 20 million for 2015 Actions undertaken include Restructuring of editorial and advertising functions Continued rationalisation of our manufacturing facilities Range of other initiatives across the Group 37

39 Launching, developing, investing in or acquiring new businesses built around distinctive content or audience 38

40 Launching, developing, investing in or acquiring new businesses built around distinctive content or audience Sport Media Official Match Day Programme and Pre-Tournament Magazine Licensee for Rugby World Cup 2015 in England Pinpoint continue to make progress on Pinpoint which was launched in Q Pinpoint enable advertisers to reach prospective customers via their mobile device's existing push notification facility but with richer messages targeted either to their current or recent geo-location 39

41 In summary 40

42 Summary Solid financial performance despite challenging print environment Rapid cost actions to mitigate profit impact Digital growth continues and strategy remains on track Strong balance sheet with financial flexibility Board continues to expect profits for 2015 to be in line with expectations 41

43 THANK YOU Questions

44 Appendices 43

45 Income statement Statutory Statutory Adjusted* Adjusted* m m m m Group revenue Operating profit Adjusted operating profit Non-recurring items (17.5) Amortisation of intangibles (2.5) (2.5) - - Pension administrative expenses (1.0) (2.1) - - Restructuring charges in respect of cost reduction measures (7.3) (9.3) - - Profit before taxation Operating profit Investment revenues Finance costs (2.3) (4.2) (1.2) (2.3) Pension finance charge (5.5) (5.5) - - Earnings per share - statutory 4.0p 18.4p Earnings per share - adjusted* 15.3p 15.5p * On an adjusted basis adjusted items relate to the exclusion of non-recurring items, restructuring charges in respect of cost reduction measures, the amortisation of intangible assets, the retranslation of foreign currency borrowings, the impact of fair value changes on derivative financial instruments, the pension finance charge and the pension administrative expenses. A reconciliation between the statutory results and the adjusted results is provided on slide

46 Balance sheet Jun Dec m m Intangible assets Property, plant and equipment Investment in associates Retirement benefit assets Deferred tax assets Derivative financial instruments Non-current assets 1, ,123.1 Cash and cash equivalents Medium-term debt (64.4) (65.3) Retirement benefit obligation (308.4) (319.0) Deferred tax liabilities (177.1) (178.0) Provisions (40.6) (30.2) Net current other assets Non-current liabilities and net current assets (489.0) (528.2) Net assets Share capital (25.8) (25.8) Share premium account (606.7) (606.7) Capital redemption reserve (4.4) (4.4) Retained earnings and other reserves Equity (599.9) (594.9) 45

47 Group revenue trends 2015 Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing (8.1%) (11.1%) (8.5%) (8.7%) (11.5%) (9.6%) Print (10.0%) (13.2%) (10.5%) (10.7%) (13.5%) (11.6%) Digital 29.5% 23.7% 30.4% 28.6% 21.4% 26.8% Printing (27.1%) (29.7%) (26.1%) (27.3%) (31.4%) (28.4%) Specialist Digital 9.7% 7.0% 8.0% 11.2% 5.8% 8.3% Central 26.7% 13.0% 27.1% 27.0% 7.4% 18.8% Revenue (9.5%) (12.5%) (9.7%) (10.0%) (13.1%) (11.0%) 2015 Underlying Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing (7.3%) (10.4%) (7.7%) (7.9%) (10.7%) (8.8%) Print (9.2%) (12.4%) (9.7%) (9.9%) (12.7%) (10.9%) Digital 29.5% 23.7% 30.4% 28.6% 21.4% 26.8% Printing (11.9%) (15.1%) (10.5%) (12.4%) (17.2%) (13.6%) Specialist Digital 9.7% 7.0% 8.0% 11.2% 5.8% 8.3% Central 26.7% 13.0% 27.1% 27.0% 7.4% 18.8% Revenue (7.1%) (10.3%) (7.4%) (7.7%) (10.9%) (8.7%) 2014 Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing (3.8%) (1.1%) (3.5%) (2.6%) (1.4%) (2.5%) Print (5.3%) (3.3%) (4.9%) (4.3%) (3.7%) (4.3%) Digital 35.7% 60.9% 35.2% 44.8% 63.0% 47.5% Printing 4.6% 2.3% 4.4% 4.9% 1.2% 3.4% Specialist Digital (22.4%) (18.4%) (22.0%) (23.0%) (16.1%) (20.0%) Central (1.8%) 13.4% (5.5%) 2.1% 20.2% 6.7% Revenue (3.5%) (1.2%) (3.3%) (2.4%) (1.4%) (2.3%) *Underlyingtrendsexclude revenues for title closuresinthe Southandthe newsprintsupply tothe Independent andiwhichceasedatthe endof2014.inthe fullyear 2014,the revenuegenerated bythetitlesclosedinthesouthwas 4.5million andfromnewsprintsupply totheindependentandiwas 11.1million andforthehalfyear2014was 2.3million and 5.8million respectively 46

48 Publishing revenue trends 2015 Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing Print (10.0%) (13.2%) (10.5%) (10.7%) (13.5%) (11.6%) Circulation (6.1%) (5.4%) (6.7%) (5.5%) (5.2%) (5.8%) Advertising (14.8%) (23.2%) (16.1%) (16.1%) (24.3%) (19.0%) Other (13.1%) (14.1%) (7.3%) (19.3%) (12.3%) (13.8%) Publishing Digital 29.5% 23.7% 30.4% 28.6% 21.4% 26.8% Advertising 31.0% 21.1% 32.3% 28.4% 18.3% 25.8% Other 18.5% 44.9% 16.6% 30.1% 47.1% 35.3% Publishing (8.1%) (11.1%) (8.5%) (8.7%) (11.5%) (9.6%) 2015 Underlying Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing Print (9.2%) (12.4%) (9.7%) (9.9%) (12.7%) (10.9%) Circulation (6.0%) (5.2%) (6.5%) (5.3%) (5.1%) (5.6%) Advertising (13.2%) (21.8%) (14.6%) (14.6%) (22.9%) (17.5%) Other (12.5%) (13.2%) (6.6%) (18.7%) (11.3%) (12.9%) Publishing Digital 29.5% 23.7% 30.4% 28.6% 21.4% 26.8% Advertising 31.0% 21.1% 32.3% 28.4% 18.3% 25.8% Other 18.5% 44.9% 16.6% 30.1% 47.1% 35.3% Publishing (7.3%) (10.4%) (7.7%) (7.9%) (10.7%) (8.8%) 2014 Q1 Q2 Jan/Feb Mar/Apr May/Jun Jun YTD Publishing Print (5.3%) (3.3%) (4.9%) (4.3%) (3.7%) (4.3%) Circulation (1.2%) (1.1%) (1.2%) (1.3%) (1.0%) (1.2%) Advertising (10.7%) (7.0%) (9.6%) (9.2%) (7.9%) (8.8%) Other (0.7%) 3.2% (4.9%) 4.5% 2.9% 1.3% Publishing Digital 35.7% 60.9% 35.2% 44.8% 63.0% 47.5% Advertising 33.2% 60.5% 33.3% 42.2% 63.0% 46.7% Other 50.7% 67.3% 46.2% 69.0% 61.3% 54.5% Publishing (3.8%) (1.1%) (3.5%) (2.6%) (1.4%) (2.5%) *Underlyingtrendsexclude revenues for title closuresinthe Southandthe newsprintsupply tothe Independent andiwhichceasedatthe endof2014.inthe fullyear 2014,the revenuegenerated bythetitlesclosedinthesouthwas 4.5million andfromnewsprintsupply totheindependentandiwas 11.1million andforthehalfyear2014was 2.3million and 5.8million respectively 47

49 Reconciliation of statutory results to adjusted results a) Non-recurring items relate to the items charged or credited to operating profit. b) Amortisation of the Group s other intangible assets and amortisation included in share of results of associates. c) Pension finance charge and pension administrative expenses relating to the defined benefit pension schemes. d) Restructuring charges in respect of cost reduction measures. Nonrecurring Pension Restructuring Finance Statutory items Amortisation charges charges costs Adjusted results (a) (b) (c) (d) (e) results m m m m m m m 2015 Revenue Operating profit Profit before tax Profit after tax Basic EPS (pence) Revenue Operating profit 60.0 (23.6) Profit before tax 50.5 (23.6) Profit after tax 45.6 (24.4) Basic EPS (pence) 18.4 (9.8) e) Impact of the translation of foreign currency borrowings and fair value changes on derivative financial instruments. 48

50 Cash flow m m Statutory operating profit Depreciation Pension funding (9.9) - Share of associates results (2.0) (29.3) Other (including movements in working capital) Cash flows from operating activities Income tax paid (4.6) (9.3) Dividends received from associates Net capital expenditure (2.1) (4.9) Proceeds on disposal of subsidiary undertaking Net interest paid (0.9) (2.3) Repayment of borrowings - (44.2) Dividends paid (7.5) - Purchase of own shares - (2.2) Net increase/(decrease) in cash 43.2 (3.2) Cash at beginning of period Cash at end of period

51 Reconciliation of net cash/(debt) Financial covenants Jun Dec m m Statutory net cash/(debt) 29.0 (13.1) Loan notes at period end exchange rate Loan notes at swapped exchange rate (68.3) (68.3) Cross-currency interest rate swaps (1.2) (3.2) Contracted net cash/(debt) 23.9 (19.3) Minimum Interest Cover Maximum Debt to EBITDA US private placement 2.0x 4.0x Throughout term of notes 60 million bank facility 12 months to December x 2.25x Thereafter 5.00x 2.00x Minimum cash flow* of 25 million * Cash flow before interest, debt repayment, acquisitions and dividends 50

52 Pension scheme assets Jun Dec 2015 % 2014 % m of total m of total UK equities % % US equities % % Other overseas equities % % Total equities % % Property % % Corporate bonds % % Fixed interest gilts % % Index linked gilts % % Cash and other % % Total non equities % % Insurance contracts % % Total value of scheme assets 1, % 1, % Total value of scheme assets excluding insurance contracts 1, % 1, % Total equities as % of assets excluding insurance contracts 50.9% 55.4% 51

53 Group revenue Group Publishing Printing Specialist Digital Central Group Publishing Printing Specialist Digital Central m m m m m m m m m m Circulation Advertising Print Display Classified Recruitment Property Motors Other Other Digital Display Classified Recruitment Property Motors Other Other Print Digital Revenue

54 Provisions Share-based Payments Property Restructuring Other Total m m m m m At 28 December 2014 (1.4) (9.0) (3.6) (16.2) (30.2) Charged to income statement - - (7.3) (16.4) (23.7) Utilisation of provision At 28 June 2015 (1.1) (7.4) (5.2) (26.9) (40.6) Associates PA Group Local World Jun Jun Jun Jun m m m m Opening balance Share of results: Results before amortisation and non-recurring items Non-recurring items (0.1) (0.1) Amortisation of other intangible assets (0.2) (0.1) (1.2) (1.3) Share of other comprehensive costs (3.1) - (0.1) - Dividends received (4.3) - (12.0) - Closing balance

55 National newspaper advertising market share (volumes) UK Dailies Daily Mirror 18.1% 18.6% 2. Sun 18.9% 20.0% 3. Daily Star 14.5% 16.4% 4. Daily Mail 23.0% 21.1% 5. Daily Express 25.5% 23.9% 100.0% 100.0% Sundays Sunday Mirror 17.7% 17.5% 2. Sunday People 12.6% 11.0% 3. Sun on Sunday 13.1% 11.8% 4. Mail on Sunday 30.3% 29.3% 5. Sunday Express 21.1% 23.0% 6. Daily Star Sunday 5.2% 7.4% Scottish* Dailies Daily Record 15.7% 15.0% Sundays Sunday Mail 27.3% 28.1% * Share of Scottish market Source: Nielsen Media Research 54

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