Half-Yearly Financial Report for the 26 weeks ended 29 June 2014

Similar documents
Reach plc. Half-Yearly Financial Report For the 26 weeks ended 1 July 2018

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

Half-Yearly Financial Report For the 26 weeks ended 2 July 2017


PROFIT BEFORE TAX GROWTH OF 13.5% TO 15.1M, GROUP DEBT CLEARED AND CASH POSITIVE

Trinity Mirror plc. Annual Report 2012

Parity Group PLC Interim results for the six months ended 30 June 2009

NETWORKERS INTERNATIONAL PLC (AIM: NWKI) UNAUDITED INTERIM RESULTS FOR THE 6 MONTH PERIOD TO 30 JUNE 2013

RM plc Interim Results for the period ending 31 May 2018

NORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2011

Morse plc Interim Results Six months ended 31 December On track to achieve performance objectives and confident of performance for the full year

Financial Report for the six months ended 30 June 2017

2 August Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney NSW By electronic lodgment

Empresaria Group plc. Condensed consolidated interim report for the six months ended 30 June 2010

Stabilise, Revitalise, Grow strategy more relevant than ever

Condensed consolidated income statement For the half-year ended June 30, 2009

Johnston Press 2018 Interim Results Presentation. David King - CEO 29 August 2018

Lloyds TSB Group plc. Results for half-year to 30 June 2007

Provident Financial plc Interim results for the six months ended 30 June 2011 H I G H L I G H T S

Revenue 167.5m 177.2m EBITDA 18.1m 22.9m Operating profit 9.5m 13.7m Profit before tax 7.6m 12.2m

FRENCH CONNECTION GROUP PLC

Microgen reports its unaudited results for the six months ended 30 June 2014.

TRAVIS PERKINS PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011

Our in-house developed e-commerce engine, Hawk, has now achieved scale generating over 85m of gross revenue for our customers in the last 12 months.

Johnston Press plc. Interim unaudited results for the 26 week period ended 1 July Strong i performance and further digital revenue growth

Our 2009 financial statements

Interim Report Euromoney Institutional Investor PLC

IMMEDIA GROUP PLC ("Immedia" or the "Company" or the "Group") UNAUDITED HALF-YEAR RESULTS

InterContinental Hotels Group PLC First Quarter Results to 31 March 2010

FRENCH CONNECTION GROUP PLC

Notes. 1 General information

Press release 2. Chief Executive s statement 4. Consolidated interim income statement 8. Consolidated interim balance sheet 9

2016 INTERIM RESULTS. Robert Pitt Group CEO Ryan Preston Group CFO

Actual. Low & Bonar PLC Brett Simpson, Group Chief Executive Mike Holt, Group Finance Director

Early signs of operational progress are coming through in the UK, while Spain continues to perform strongly.

RM plc announces interim results for the 6 months ended 31 May 2013

Internet losses and interest charges down sharply on last year.

MICROGEN plc ( Microgen ) Audited Preliminary Results for the Year Ended. 31 December 2016

Earnings per share before goodwill amortisation and exceptional items, maintained at 3.9 pence. Up 13 per cent before leaver costs

18 October Spatial plc (AIM: SPA) ( 1Spatial, the Group or the Company ) Interim Results for the six month period ended 31 July 2016

Interim Report Something for everyone

MITON GROUP PLC HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

Trinity Mirror plc

Egg plc Results for the Six Months to 30 June 2004

Mothercare plc Interim Results. Mothercare plc announces its interim results for the 28 weeks (first half) ended 10 October 2009.

Global specialist media platform delivering significant profitable growth

Management Consulting Group PLC Half-year report 2016

Half Year Results for the Six Months to 31 January 2019

Post Office Limited Unaudited interim condensed consolidated financial statements 27 September Registered Number

Premier Farnell plc 13 September Results for the Second Quarter and First Half of the 53 week financial year ending 3 February 2013.

BREWIN DOLPHIN HOLDINGS PLC

Trinity Mirror plc. Proposed acquisition of Northern & Shell s publishing assets

NORTHGATE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2008

Carclo plc ( Carclo or the Group ) Half year results for the six months ended 30 September 2018

6 months to 31st December Revenue ( m) Dividend per share (pence)

INTERIM RESULTS For the six months ended 31 December 2017

Best of the Best plc ( Best of the Best, BOTB, the Company or the Group ) Preliminary results for the twelve months ended 30 th April 2017

FIRST HALF HIGHLIGHTS

Lloyds TSB Group plc. Results for half-year to 30 June 2005

RM plc announces interim results for the six months ended 31 March 2011

Press Release Schroders plc Half-year results to 30 June 2018 (unaudited) 26 July 2018

Tarsus Group plc ( Tarsus, the Company or the Group ) Interim results for six months to 30 June 2017

Half-yearly Financial Report for the six months ended 30 June 2009

Financial statements: contents

Please find attached Media Release for the financial half-year ended 26 December 2015.

Lloyds TSB Group plc Results

Press Release 27 October System1 Group PLC (AIM: SYS1) formerly BrainJuicer Group PLC ("System1" or the Group or the Company )

RNS Number : 5593R Reach4Entertainment Enterprises PLC 15 September 2014

INTERIM RESULTS FOR THE 26 WEEKS ENDED 30 JUNE 2018

InterQuest Group plc ( InterQuest or the Group ) Interim Results

Guardian Media Group plc 2014 Annual Report and Financial Statements

Parity Group PLC Financial Report for the six months ended 30 June 2014

Redrow plc. Interim results for the six months to 31 December 2016 REDROW S CONTINUED GROWTH PROVIDING MUCH NEEDED NEW HOMES

Pearson Education underlying sales up 8% driven by strong US School performance. Penguin underlying sales up 7% due to frontlist successes

Financial statements. Consolidated financial statements. Company financial statements

Nonunderlying. Underlying items 1 m. items (note 4) m

TVL FINANCE PLC PERIOD ENDED 27 JUNE 2018 REPORT TO NOTEHOLDERS 232,000, % SENIOR SECURED NOTES DUE 2023

Best of the Best plc ( Best of the Best, BOTB, the Company or the Group ) Interim results for the six months ended 31 October 2018

INFORMA 2017 FINANCIAL STATEMENTS 1

Idox plc Interim Results for the six months ended 30 April Interim Report & Accounts 2015

2017 Preliminary Results

Good performance across the Group with profits in line with expectations, EPS up 14% and interim dividend up 15%

UTV Media plc. Interim Report

The specialist international retail meat packing business

UTV Media plc ( UTV or the Company or the Group )

In 2008, we will be focussing on:

WINCANTON plc. Half Year Results for the six months ended 30 September 2017 (unaudited) Delivering Our Organic Growth Strategy

PARK GROUP PLC ( Park or the Company or the Group ) INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2017

ICAP plc Annual Report 2016 FINANCIAL STATEMENTS. Strategic report. Page number

Highlights - AIB Group interim results 2007

HUNTSWORTH PLC INTERIM REPORT 2007 CREATING CONNECTIONS

GAMES WORKSHOP GROUP PLC

Condensed Interim Financial Statements 2018 Tarsus Group plc. Six months ended 30 June quickening the pace SCALE & MOMENTUM

Sosandar PLc (formerly Orogen plc)

Our 2017 consolidated financial statements

Company Financial Statements. Subsidiaries 175 Joint Ventures and Associates 181

Press Release 6 February Quadnetics Group plc. Interim results for the six months ended 30 November 2007

The Equipment Rental Specialist

Press Release Schroders plc Full-year results 1 March 2018

Best of the Best plc ( Best of the Best, BOTB, the Company or the Group ) Preliminary results for the twelve months ended 30 April 2018

Transcription:

Key Highlights Half-Yearly Financial Report for the 28 July Performance for the first half has been ahead of our expectations, with improved revenue trends and continued momentum in growing our digital audience. This, combined with the benefit of a fall in newsprint prices in the second half, provides the Board with confidence that performance for the full year will be marginally ahead of expectations. Continued improvement in revenue trends Revenue fell by 2.3% year on year with a gradual improvement in trends as we progressed through the first half with May and June declining by only 1.4% year on year. Accelerating growth in digital audience and revenue Average monthly unique users (1) grew by 91% year on year to 61.3 million and average monthly page views (1) grew by 132% year on year to 440.2 million across our publishing operations with publishing digital revenue growing by almost 50%. Profit before tax (2) of 48.2 million, down 2.2%, with earnings per share (2) up 0.6% to 15.5 pence Profit before tax fell by 2.2% as we increased investment and absorbed an increase in newsprint prices. Earnings per share grew marginally as we benefited from the fall in the rate of corporation tax. Strong cash flows enabling net debt (3) to fall to 56.0 million Net debt has fallen to 56.0 million with the 44.2 million debt maturing in June paid from operating cash flow. Exceptional gain of 27.5 million from the disposal of MeteoGroup by PA Group The disposal of MeteoGroup was completed by PA Group during March and we received a dividend of 12.9 million in July with a further dividend anticipated in 2015. Strategy remains on track Good progress continues on delivery of our strategic initiatives with reduced rates of decline in print revenues, continued tight management of the cost base with structural cost savings of at least 10 million for the year and increased investment in digital which is driving strong growth in digital audience and revenues. Increased financial flexibility provides confidence to reinstate dividends at the year end We have today announced the Board s intention to recommend a final dividend for of 3 pence per share which would be payable in June 2015. At this stage the Board expects paying annual dividends of some 5 pence per share from 2015. Results Adjusted results (2) Statutory results Revenue 324.2 332.0 324.2 332.0 Operating profit 50.3 52.7 60.0 43.5 Profit before tax 48.2 49.3 50.5 30.3 Earnings per share 15.5p 15.4p 18.4p 9.6p (1) Average monthly unique users and page views for the Publishing division across web, mobile and apps for January to June versus January to June (Omniture). (2) Adjusted items relate to the exclusion of non-recurring items (share of non-recurring credit from associate undertakings of 27.6 million and provision for historical legal issues of 4.0 million), 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, the pension administrative expenses and the impact of tax legislation changes. Set out in note 17 is the reconciliation between the statutory results and the adjusted results. (3) On a contracted basis assuming that the private placement loan notes and related cross-currency interest rate swaps are not terminated prior to maturity. 1

Commenting on the interim results for, Simon Fox, Chief Executive, Trinity Mirror plc, said: The Group continues to make good progress with the delivery of our strategic initiatives as clearly demonstrated in the performance for the first half of. This momentum gives the Board confidence that our performance for the year will be marginally ahead of expectations. The strengthened financial position of the business together with continued strong cash flows also support the Board s intention to reinstate dividends at the end of this year. This will be the first dividend paid by the Group since 2008. Enquiries Trinity Mirror Simon Fox, Chief Executive 020 7293 3553 Vijay Vaghela, Group Finance Director 020 7293 3553 Brunswick Mike Smith, Partner 020 7404 5959 Nick Cosgrove, Partner 020 7404 5959 Investor presentation A presentation for analysts will be held at 9.30am on Monday 28 July. The presentation will be live on our website: www.trinitymirror.com at 9.30am and a playback will be available from 2.00pm. Forward looking statements Statements contained in this Half-Yearly Financial Report are based on the knowledge and information available to the Company's directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Company in this Half- Yearly Financial Report involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this Half-Yearly Financial Report contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Company undertakes no obligation to update these forward looking statements. 2

Management Report Throughout this report, performance is stated on an adjusted basis and the results of fish4, our national digital recruitment site, which were previously reported in the Specialist Digital division, are now reported in the Publishing division following an internal restructure with fish4 now fully integrated into the Publishing division. The reconciliation between statutory results and adjusted results is shown in note 17 and further details of the reclassification, which has no impact on Group revenue or operating profit, is shown in note 16. Operational Performance The performance of the Group for the first half was ahead of our expectations with good progress being made on our strategic initiatives which has delivered improved revenue trends and strong growth in digital audience. Revenue fell by 2.3% compared to a decline of 6.0% for. Encouragingly these trends improved as we progressed through the first half with a revenue decline of 3.3% in January and February, 2.4% in March and April and 1.4% in May and June. For the Publishing division, revenue fell by 7.2 million with Print revenue falling by a much reduced 4.3% to 266.7 million with strong growth of 47.5% in digital revenue to 14.9 million. The benefit of structural cost savings of 6 million and cost mitigation actions has contributed to operating costs falling by 5.7 million. This was after increased investment in digital of 3 million and inflationary cost increases, in particular newsprint prices which increased in the first half by over 10% year on year. Our share of results of associates fell by 0.3 million to 3.1 million with underlying growth in PA Group ( the PA ) and Local World offset by the disposal of MeteoGroup by the PA in March. The fall in operating costs limited the reduction in operating profit to 2.4 million or 4.6%. Earnings per share, which benefited from lower interest costs due to reduced leverage and from the fall in the rate of corporation tax, grew year on year by 0.6% to 15.5 pence. Non-recurring items during the first half were a credit of 23.6 million including a 27.5 million share of the nonrecurring gain from the PA s disposal of MeteoGroup and a provision of 4.0 million for dealing with and resolving historical legal issues. A dividend of 12.9 million from the PA was received on 23 July with a further dividend anticipated in 2015. Financial Flexibility Strong cash flow enabled the repayment of 44.2 million of maturing loan notes in June without the need to draw on the Group s bank facility with net debt falling to 56.0 million. On 25 July, we negotiated a new 60 million bank facility which is committed until July 2018. The Group has aligned the triennial valuations of the principal defined benefit pension schemes to 31 December. These valuations are expected to be finalised in the second half of the year with annual deficit funding payments increasing from 33.5 million to some 36 million per annum from 2015 for the foreseeable future. The strengthened balance sheet and strong cash flows of the business provide increased financial flexibility for both investment opportunities and the return of capital to shareholders alongside appropriately funding our pension schemes. Dividends We have today announced the Board s intention to recommend a final dividend for of 3 pence per share which would be payable in June 2015. The Board expects to adopt a progressive dividend policy aligned to the free cash generation of the Group and the investment required to deliver sustainable growth in revenues and profits over the medium term. At this stage the Board expects paying annual dividends of some 5 pence per share from 2015. The final dividend for would be the first dividend payment since dividends were susp in 2008. Historical Legal Issues The Group continues to co-operate with the police in respect of Operation Elvedon (the investigation relating to alleged inappropriate payments to public officials) and Operation Golding (the investigation into alleged phone hacking). The Group is aware of a number of civil claims from individuals in relation to phone hacking. In the first half we have provided 4.0 million to cover the cost of dealing with and resolving claims. It remains uncertain as to how these matters will progress, whether further allegations or claims will be made, and their financial impact. Due to this uncertainty a contingent liability has been highlighted in note 18. Outlook Continued momentum with the strategy coupled with the benefit of a fall in newsprint prices in the second half provides the Board with confidence that performance for the year will be marginally ahead of expectations. 3

Management Report continued Strategic Update We continue to make progress towards delivering our vision of being a dynamic and growing media business that is an essential part of our customers' daily lives. Our clear goal to deliver sustainable growth in revenues and profits will be delivered through four key areas of strategic focus: Protecting and revitalising our core brands in print; Growing our existing brands onto digital delivery channels; Continuing our relentless focus on efficiency and cost management; and Launching, developing, investing in or acquiring new businesses built around distinctive content or audience. Key highlights of progress on each area of strategic focus in the first half of the year were: Protecting and revitalising our core brands in print During the first half we launched the second phase of our #Madeuthink brand campaign, positioning the Daily Mirror as the intelligent tabloid to differentiate the Daily Mirror from other titles in the tabloid sector. The results have been encouraging with the Daily Mirror continuing to outperform the market in terms of year on year circulation trends. NASA, the National Advertising Sales Agency, launched a new cross media sales innovation unit called NASA Invention. The new 25 strong unit combines the skills of our sales team with that of business planners, researchers, designers and writers to create and sell innovative cross media advertising solutions for growing numbers of new and existing clients. In June, James Wildman joined as Chief Revenue Officer of NASA. James joins us from his position as Yahoo MD for UK and Ireland and brings with him a wealth of experience in sales and marketing in a global digital business. The Daily Mirror and Sunday Mirror have increased print advertising market share with one of the major contributory factors being the success of new packages such as Big City and Sunday Best which combine the full scale and reach of the Trinity Mirror portfolio by combining the sales of our major regional newspapers, with our national brands to provide media planners and buyers with a brand new mass market audience proposition. We have re-launched and rebranded the Sunday People magazine to become Love Sunday with positive feedback from both readers and advertisers. The Sunday People has also led the market with awards with the title winning Scoop of the Year for the Nigella Lawson and Charles Saatchi story. In Scotland, the Sunday Mail won Newspaper of the Year in the Scottish Press Awards and retains its market leading status as Scotland s best selling news brand. All of our major regional daily newspapers are now distributed through the wholesale infrastructure with resulting cost and logistical benefits. As the best watched TV awards show on UK terrestrial TV, the annual Pride of Britain Awards continues to go from strength to strength. In June, we launched the Pride of Ireland Awards and are currently planning the Pride of Birmingham Awards later in the year. In Scotland, the Daily Record held its eleventh Our Heroes awards in May. In our regional markets we continue to adapt and refresh our newspapers to ensure they are increasingly relevant and appealing to our readers and advertisers. Our group wide technology platform gives us the capability to add new products on multiple platforms with a minimal increase in costs or resource. One such example is the recent successful launch of the Sunday Echo in Liverpool which has allowed us to increase our audience on a Sunday both in print and online through the provision of more comprehensive football content. Growing our existing brands onto digital delivery channels The growth in total unique users and page views has accelerated during the first half, in particular for Mirror.co.uk. Our average monthly unique users and average monthly page views for the Publishing division across web, mobile and apps for the first half have grown year on year by 91% to 61.3 million and by 132% to 440.2 million respectively. In June, the Publishing division delivered 65.7 million unique users and 442.4 million page views. This has driven strong growth in digital display advertising which accelerated during the first half with growth of in excess of 134% in June. We continue to refresh our websites to increase user engagement whilst ensuring we can drive revenues through a range of advertising formats. 4

Management Report continued Strategic Update continued Growing our existing brands onto digital delivery channels continued We have enhanced the digital classified platforms across our regional websites and have now fully rolled out our new platforms for What s On, Buysell and BMDs. We are currently in the process of changing the digital recruitment platform for our publishing business and this will be completed in the second half. Changes in our commercial platforms have contributed to an improvement in digital classified revenue trends as we progressed through the first half. We are investing to increase the quality and volume of video across our websites. This is a key factor in materially increasing video views and the commercial opportunities are significant as video demands the highest revenue per thousand views on our websites. We continue to drive new commercial partnerships to diversify and drive digital revenues. We have entered into a new partnership for the provision of bingo and other online games. We continue to gain good traction with the e-edition for the Daily Mirror and Sunday Mirror. Our free Monday to Friday editions of the Daily Mirror have in excess of 55,000 Publication Active Views during the week and the Daily Mirror and Sunday Mirror are available through subscription over the weekend with around 10,000 paid for subscribers. A new editorial structure, Newsroom 3.1, has been introduced to support a digital first publishing process across our newsrooms. Content will be created to hit key digital audience spikes across the day, ensuring that users find refreshed content every time they access one of our digital platforms. The content created by the digital operation will be edited and packaged for our newspapers. We have increased investment in new digital roles including social media editors, planning analysts and advance content writers, to drive traffic and increase audience engagement. Newsroom 3.1 will be rolled out across our regional operations by the end of the year and will provide content for our rapidly growing digital audience, while producing strong newspapers by editing the best of everything into an entertaining format every day. In June, we appointed Pete Picton as Editorial Director for Mirror.co.uk. Pete is an experienced digital journalist and was the former deputy editor of Mail Online. Pete s appointment will help further accelerate our digital audience growth. Continuing our relentless focus on efficiency and cost management Structural cost savings of 6 million were delivered in the first half and we expect to deliver structural cost savings of at least 10 million for the year. This coupled with ongoing tight management of costs enabled operating costs to fall by 5.7 million which is after increased investment in digital of 3 million and after absorbing inflationary cost increases, in particular newsprint prices which increased in the first half by over 10% year on year. Savings in the first half have been driven through the outsourcing of IT support and services functions, the restructure of editorial and advertising functions and a range of other smaller initiatives across the Group. Launching, developing, investing in or acquiring new businesses built around distinctive content or audience Our investment in Local World continues to deliver strong returns with our share of post tax profit for the first half up 0.1 million to 2.8 million. Our investment in UsVsTh3m continues to deliver strong audience growth with average monthly unique users for the first half of 3.9 million. Monthly unique users in April reached 9.4 million. Our product development team continues to launch new and innovative products with the launch of Pinpoint, a geo-targeting application for advertisers, a Betting app in partnership with Paddy Power integrated with the Mirror Football app, and GoalTime an all new live football betting pool game. The new technology platform that we have rolled out across the business provides significant flexibility for the launch, development or integration of acquisitions built around distinctive content or audience. 5

Management Report continued Group Review Income statement Statutory results Adjusted results Revenue Publishing* 281.6 288.8 281.6 288.8 Print 266.7 278.7 266.7 278.7 Digital* 14.9 10.1 14.9 10.1 Printing 33.8 32.7 33.8 32.7 Specialist Digital* 7.2 9.0 7.2 9.0 Central 1.6 1.5 1.6 1.5 Revenue 324.2 332.0 324.2 332.0 Costs* (293.5) (290.3) (277.0) (282.7) Associates* 29.3 1.8 3.1 3.4 Operating profit 60.0 43.5 50.3 52.7 Financing (9.5) (13.2) (2.1) (3.4) Profit before tax 50.5 30.3 48.2 49.3 Tax (4.9) (6.5) (9.8) (11.2) Profit after tax 45.6 23.8 38.4 38.1 Earnings per share 18.4p 9.6p 15.5p 15.4p *The statutory split between costs and associates has been restated. Following a change in management structure, the Group has reclassified the revenue and results of fish4 from the Specialist Digital operating segment to the Publishing operating segment. The revision to the operating segments has had no impact on the revenue or operating profit of the Group. The comparatives have been restated as a result of this change. Note 16 sets out the impact of this change on the previously reported results. The results have been prepared for the () and the comparative period has been prepared for the (). The results are presented on a statutory and adjusted basis to provide a more meaningful comparison of the Group s performance. Set out in note 17 is the reconciliation between the statutory results and the adjusted results. Revenue fell by 7.8 million or 2.3% to 324.2 million. Excluding Trinity Mirror Digital Property which was sold at the end of August, revenue fell by 6.3 million or 1.9%. Further details on the revenue trends for each division are shown in the Divisional Review. Statutory costs increased by 3.2 million or 1.1% to 293.5 million while adjusted costs fell by 5.7 million or 2.0% to 277.0 million: Statutory results Adjusted results Labour (101.1) (104.5) (101.1) (104.5) Newsprint (51.9) (51.4) (51.9) (51.4) Depreciation (12.2) (13.2) (12.2) (13.2) Other (128.3) (121.2) (111.8) (113.6) Non-recurring items (4.0) - - - Amortisation of other intangible assets (1.1) (1.1) - - Pension administrative expenses (2.1) (1.2) - - Restructuring charges in respect of cost reduction measures (9.3) (5.3) - - Other (111.8) (113.6) (111.8) (113.6) Costs (293.5) (290.3) (277.0) (282.7) Adjusted operating costs fell by 5.7 million reflecting the benefit of structural cost savings of 6 million and ongoing cost mitigation actions which have more than offset increased investment in digital of 3 million and inflationary price increases in particular a significant increase in newsprint prices. Structural cost savings in the first half have been delivered through the outsourcing of IT support and services functions, the restructure of editorial and advertising functions, the closure of the Reading print plant and a number of smaller offices and continued restructuring of all operating functions. Statutory costs also include non-recurring items, the amortisation of other intangible assets, the pension administrative expenses and the restructuring charges in respect of cost reduction measures which are excluded from 6

the adjusted results. 7

Management Report continued Group Review continued The Group has a 21.5% investment in PA Group and a 20.0% investment in Local World, accounted for as associated undertakings. Statutory results Adjusted results Result before amortisation and non-recurring items 3.1 3.4 3.1 3.4 Amortisation of other intangible assets (1.4) (1.4) - - Non-recurring items 27.6 (0.2) - - Share of results of associates 29.3 1.8 3.1 3.4 The statutory share of the post tax profits from associates increased by 27.5 million to 29.3 million. The nonrecurring items comprise our 27.5 million share of the gain on the disposal by the PA of its weather forecasting business, MeteoGroup, our 0.4 million share of the profit of MeteoGroup recorded by the PA up to the date of completion less our 0.3 million share of restructuring costs incurred by the PA and Local World. Adjusted share of the post tax profit from associates fell by 0.3 million to 3.1 million. This includes a reduction in the contribution of the PA of 0.4 million to 0.3 million following its disposal of MeteoGroup which has been partially offset by an increase in our share of post tax profit of Local World of 0.1 million to 2.8 million. The investment in associates has increased by 29.3 million since the year end. The increase in statutory operating profit of 16.5 million to 60.0 million is driven by our share of the exceptional gain by the PA on their disposal of MeteoGroup. Adjusted operating profit fell by 2.4 million or 4.6% to 50.3 million with operating margin falling by 0.4 percentage points from 15.9% to 15.5% as we increased investment and absorbed a significant increase in newsprint prices. Statutory results Adjusted results Investment revenues 0.2 0.1 0.2 0.1 Pension finance charge (5.5) (6.6) - - Finance costs (4.2) (6.7) (2.3) (3.5) Interest on bank overdrafts and borrowings (2.3) (3.5) (2.3) (3.5) Fair value (loss)/gain on derivative financial instruments (5.0) 5.8 - - Foreign exchange gain/(loss) on retranslation of borrowings 3.1 (9.0) - - Financing (9.5) (13.2) (2.1) (3.4) Statutory financing costs which also include the pension finance charge, the change in derivative financial instruments and the foreign exchange changes on retranslation of foreign currency borrowings fell by 3.7 million to 9.5 million. Adjusted financing costs fell by 1.3 million to 2.1 million reflecting the benefit of the material fall in long term debt and the continued benefit of the low interest rate environment. The statutory tax charge of 4.9 million (: 6.5 million) comprises a current tax charge of 7.8 million (: 8.6 million) and a deferred tax credit of 2.9 million (: 2.1 million). The effective tax rate is lower than the standard rate of corporation tax as the share of results of associates is post tax. The adjusted tax charge of 9.8 million (: 11.2 million) represents 20.3% (: 22.7%) of adjusted profit before tax and reflects the benefit of the reduction in the rate of corporation tax from 23.0% to 21.0% on 1 April. Statutory results Adjusted results Profit after tax 45.6 23.8 38.4 38.1 Weighted average number of shares (000 s) 247,597 247,906 247,597 247,906 Earnings per share 18.4p 9.6p 15.5p 15.4p Statutory earnings per share increased by 8.8 pence or 91.7% to 18.4 pence and adjusted earnings per share increased by 0.1 pence or 0.6% to 15.5 pence. The fall in the weighted average number of shares year on year reflects the impact of shares acquired by the Trustees of the Trinity Mirror Employee Benefit Trust over the last 18 months, being 1,391,550 shares in June and 2,600,000 shares in June, more than offsetting the 2,271,355 shares options exercised during the first half and the 1,652,091 shares options exercised during the prior year. 8

Management Report continued Divisional Review The Group has four operating segments, each of which is a division, that are regularly reviewed for the purposes of allocating resources and assessing performance. The divisional review that follows is presented on an adjusted basis and there is no difference between the operating profit by division and the segment result of each operating segment that is shown in note 3. The operating segments are: Publishing which includes all of our newspapers and associated digital publishing; Printing which provides printing services to the publishing segment and to third parties; Specialist Digital which includes our acquired digital specialist classified and our digital marketing services businesses; and Central which includes revenue and costs not allocated to the operational divisions and our share of results of associates. The revenue and adjusted operating profit by operating segment is presented below: Variance Variance % Publishing* 281.6 288.8 (7.2) (2.5%) Printing 33.8 32.7 1.1 3.4% Specialist Digital* 7.2 9.0 (1.8) (20.0%) Central 1.6 1.5 0.1 6.7% Revenue 324.2 332.0 (7.8) (2.3%) Publishing* 53.7 57.0 (3.3) (5.8%) Printing - - - - Specialist Digital* 0.8 0.1 0.7 700.0% Central (4.2) (4.4) 0.2 4.5% Adjusted Operating profit 50.3 52.7 (2.4) (4.6%) * Following a change in management structure, the Group has reclassified the revenue and results of fish4 from the Specialist Digital operating segment to the Publishing operating segment. The revision to the operating segments has had no impact on the revenue or operating profit of the Group. The comparatives have been restated as a result of this change. Note 16 sets out the impact of this change on the previously reported results. Publishing The revenue and operating profit for the Publishing division is as follows: Variance Variance % Print 266.7 278.7 (12.0) (4.3%) Circulation 142.5 144.2 (1.7) (1.2%) Advertising 108.3 118.8 (10.5) (8.8%) Other 15.9 15.7 0.2 1.3% Digital* 14.9 10.1 4.8 47.5% Advertising* 13.2 9.0 4.2 46.7% Other 1.7 1.1 0.6 54.5% Revenue* 281.6 288.8 (7.2) (2.5%) Costs* (227.9) (231.8) 3.9 1.7% Operating profit* 53.7 57.0 (3.3) (5.8%) Operating margin* 19.1% 19.7% (0.6%) (3.0%) * Includes fish4 with the comparatives restated. Note 16 sets out the impact of this change on the previously reported results. Revenue fell by 2.5% or 7.2 million to 281.6 million with print revenue declining by 4.3% and digital revenue growing by 47.5%. The decline in print revenue of 4.3% compared to a decline of 6.7% in the prior year. Circulation revenue fell marginally by 1.2% reflecting the benefit of cover price increases which are helping offset the impact of falling volumes. The Daily Mirror continues to outperform the market with a volume decline of 7.4% compared to a 7.8% decline in the UK national daily tabloid market. The Sunday Mirror and Sunday People declined by 10.2% and 11.2% respectively in a UK national Sunday tabloid market that declined by 9.7%. The Sunday titles performed below market trends in part due to both titles having increased cover prices in the second half of last year. The Daily Record and the Sunday Mail both marginally underperformed the Scottish circulation market trends. The Daily Record was down 9.7% against an overall Scottish daily tabloid market decline of 9.4% and the Sunday Mail was down 10.9% against an overall Scottish Sunday tabloid market decline of 10.7%. 9

Management Report continued Divisional Review continued Publishing continued The market for our regional titles remains difficult with declines of 13.4% for paid for dailies, 14.3% for paid for weeklies and 19.3% for paid for Sundays. This excludes the newly launched Sunday Echo in Liverpool. These declines are broadly in line with the trends forecast for the market. Print advertising fell by 8.8% with display lower by 5.8%, classified lower by 13.2% and other categories down by 9.4%. Whilst the print advertising market remains challenging and volatile we are encouraged by the improved trends in display advertising and recruitment where the rate of decline was 5.8% and 3.4% respectively. The Daily Mirror and the Sunday Mirror have grown print advertising volume market share with the Daily Mirror growing share from 18.4% to 18.6% and the Sunday Mirror growing share from 16.2% to 17.5%. The Sunday People share declined from 11.4% to 11.0%. The Daily Record grew share from 14.6% to 15.0% and the Sunday Mail grew share from 28.0% to 28.1% against the main Scottish competitor set. For our regional newspapers, we believe our print advertising performance is broadly in line with market trends although we have materially improved classified recruitment trends with print recruitment advertising declining by only 3.4% compared to a decline of 24.9% during last year. Print other revenue grew by 1.3% driven by increased revenues from events, syndication and by the new contracts secured by our sports contract publishing business including the match day programmes contract for Manchester United partly offset by continued pressure on leaflets. Digital revenue increased by 47.5% year on year driven by strong growth in our publishing digital audience with average monthly unique users increasing 91% to 61.3 million year on year with average monthly page views increasing 132% to 440.2 million year on year. In June, monthly unique users were 65.7 million and monthly page views were 442.4 million. Digital advertising revenue increased by 46.7% year on year. Digital display revenue has seen accelerated growth as we progressed through the period with growth of 107.3%. Digital classified revenue increased by 1.3% with recruitment recovering following the internal changes made in prior years with growth of 18.8%. Other classified categories of motors and property remain challenging with dominant competitors. The remaining classified categories are also challenging and we are improving our offering in these areas such as through new platforms for What s On, Buysell and BMDs. Digital other revenue increased by 54.5% benefiting from the growth in audience and new commercial partnerships. Costs fell by 3.9 million or 1.7% to 227.9 million. This includes structural cost savings and the continued tight management of the cost base to help mitigate the impact of a challenging print market. The reduction is after the impact of an increase in newsprint prices and increased investment in digital resources and product development. Although revenues fell by 7.2 million, operating profit fell by only 3.3 million or 5.8% to 53.7 million. As a result of increased investment, operating margin fell by 0.6 percentage points from 19.7% to 19.1%. Printing The revenue and costs of the Printing division is as follows: Variance Variance % Contract printing 19.5 19.3 0.2 1.0% Newsprint supply 13.0 12.1 0.9 7.4% Other revenue 1.3 1.3 - - Revenue 33.8 32.7 1.1 3.4% External costs (98.8) (99.4) 0.6 0.6% Publishing division recharge 65.0 66.7 (1.7) (2.5%) Costs (33.8) (32.7) (1.1) (3.4%) Operating result - - - - Revenues increased by 1.1 million or 3.4% to 33.8 million. Revenues from contract printing grew by 0.2 million or 1.0% to 19.5 million. Newsprint supply revenues from newsprint supplied to contract print customers increased due to the higher newsprint price which more than offset volume declines. Other revenues were flat year on year. 10

Management Report continued Divisional Review continued Printing continued External costs fell by 0.6 million or 0.6% to 98.8 million due to the costs associated with increases in contract printing revenues and inflationary cost increases including the newsprint price increase more than offset by cost reduction initiatives. The costs recharged to the Publishing division were 65.0 million compared to 66.7 million in the prior year. This fall in costs reflects the impact of an increase in newsprint prices and other inflationary cost increases more than offset by cost savings. Specialist Digital The Specialist Digital division includes Trinity Mirror Digital Recruitment, our digital specialist classified recruitment vertical and Rippleffect and Communicator, our digital marketing services businesses. Trinity Mirror Digital Property, a digital specialist classified property vertical was sold effective the end of August. The revenue and operating profit of the Specialist Digital division is as follows: Variance Variance % Advertising* 2.3 4.3 (2.0) (46.5%) Other 4.9 4.7 0.2 4.3% Revenue* 7.2 9.0 (1.8) (20.0%) Costs* (6.4) (8.9) 2.5 28.1% Operating profit* 0.8 0.1 0.7 700.0% * Excludes fish4 with the comparatives restated. Note 16 sets out the impact of this change on the previously reported results. Excluding Trinity Mirror Digital Property revenue fell marginally by 0.3 million to 7.2 million and operating profit was 0.8 million compared to nil in. Central The Central division includes revenue and costs not allocated to the operational divisions and the share of results of associates. The revenue and operating loss of the Central division is as follows: Variance Variance % Revenue 1.6 1.5 0.1 6.7% Costs (8.9) (9.3) 0.4 4.3% Associates 3.1 3.4 (0.3) (8.8%) Operating loss (4.2) (4.4) 0.2 4.5% The result for the first half was a loss of 4.2 million compared to a loss of 4.4 million in the prior year. Revenue primarily relates to rental income from surplus office space at the Group s main office at Canary Wharf which increased as more vacant space was leased to third parties. Costs fell by 0.4 million from 9.3 million to 8.9 million reflecting cost savings more than offsetting investment in new business development and a number of initiatives. The fall in the share of results of associates is due to the PA reducing by 0.4 million to 0.3 million due to the impact of its recent disposal partially offset by Local World increasing by 0.1 million to 2.8 million. 11

Management Report continued Other Items Pensions The Group operates a defined contribution pension scheme with contributions and associated costs charged to operating profit. The defined benefit pension schemes operated by the Group were closed to future accrual in 2010. The Group has aligned the triennial valuations of the principal defined benefit pension schemes to 31 December. These valuations are expected to be finalised in the second half of the year with annual deficit funding payments increasing from 33.5 million to some 36 million per annum from 2015 for the foreseeable future. The accounting pension deficit increased during the first half by 19.9 million from 252.2 million ( 201.8 million net of deferred tax) to 272.1 million ( 217.7 million net of deferred tax) reflecting the impact of a decrease in assets of 30.7 million more than offsetting a decrease in liabilities of 10.8 million. The decrease in assets was driven by pension payments and a reduction for buy-outs being greater than the positive asset returns. The decrease in liabilities is due to pension payments and a reduction for buy-outs being greater than the higher liabilities from a further fall in the real discount rates of 0.05% from 1.05% to 1.00%. There were no changes in demographic assumptions. The change in the accounting pension deficit does not impact current funding commitments. Net debt Contracted net debt, assuming that the private placement loan notes and the cross-currency interest rate swaps are not terminated prior to maturity, fell by 41.0 million from 97.0 million to 56.0 million. Net debt on a contracted basis is different to the statutory net debt which includes the US$ denominated private placement loan notes at the period end exchange rate and the related cross-currency interest rate swaps at fair value. On a statutory basis, net debt fell by 39.1 million from 88.2 million to 49.1 million. The fair value of the Group s cross-currency interest rate swaps was a liability of 1.5 million and the Sterling amount of the private placement loan notes was 59.9 million. The Group repaid the maturing loan notes of 44.2 million in June from cash balances without the need to draw on the Group s bank facility. The remaining repayment on the private placement loan notes is 68.3 million in June 2017. The Group had no drawings during the half year on its 101.8 million bank facility which was committed until August 2015. On 25 July, the 101.8 million facility was cancelled and replaced with a 60 million facility which is committed until July 2018. The new facility reflects the benefit of continued strong cash flows generated by the business and the much reduced leverage of the Group. Related party transactions There have been no changes in the nature of related party transactions and no material transactions during the first half. Principal risks and uncertainties The principal risks and uncertainties together with mitigating actions that affected the Group during the first half and going forward are described on pages 16 and 17 in the Trinity Mirror plc Annual Report. The current principal risks and uncertainties are: Strategy the overall strategy or elements of the strategy are inappropriate and the delivery of the strategy is badly executed; Revenue loss faster than anticipated loss of revenue from print and failure to deliver new revenue streams to offset print decline and drive revenue growth; Historical legal issues damage to reputation arising from historical events, direct financial impact from legal claims and distraction of senior management time from delivering the strategy; and Pensions pension deficits grow at such a rate so as to affect the viability of the Group itself or so that the annual funding costs consume a disproportionate level of cash flow. 12

Management Report continued Other Items continued Going concern In determining whether the Group s half-yearly financial report can be prepared on a going concern basis, the directors considered all factors likely to affect its future development, performance and its financial position, including cash flows, liquidity position and borrowing facilities and the risks and uncertainties relating to business activities. Having considered all the factors impacting the Group s businesses, including downside sensitivities, the directors are satisfied that the Group will be able to operate within the terms and conditions of the Group financing facilities for the foreseeable future. The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Group s half-yearly financial report. Press regulation The Group, along with the vast majority of national and regional newspaper and magazine publishers, has entered into a contract to be regulated by the Independent Press Standards Organisation ( IPSO ). We recognise that the reputation of the British press has been severely damaged by the revelations of the Leveson Enquiry and we welcome the new regime and high regulatory standards that will be required under IPSO. Following an independent process, IPSO has appointed its first Chairman, Sir Alan Moses, and its first Board. It expects to be operational in September. The Group will continue to play a supporting role as IPSO is established. Paul Vickers, the Group s Secretary and Group Legal Director, has been appointed Chairman of the Regulatory Funding Company, the body that raises the funding for the regulator from the industry. Board changes Lee Ginsberg and Helen Stevenson joined the Board as non-executive directors from 1 January. Lee Ginsberg was appointed Chair of the Audit Committee on 1 January. Gary Hoffman, Senior Independent Director, stepped down from the Board on 13 March. Following the departure of Gary Hoffman on 13 March, Jane Lighting took on the role of Senior Independent Director and Helen Stevenson was appointed chair of the Remuneration Committee, replacing Jane Lighting. Statement of directors responsibilities The directors are responsible for preparing the half-yearly financial report in accordance with applicable laws and regulations. The directors confirm to the best of their knowledge: a) the consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union; and b) the half-yearly financial report includes a fair review of the information required by the Financial Conduct Authority s Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year) and 4.2.8R (disclosure of related parties transactions and changes therein). By order of the Board of directors Simon Fox Chief Executive Vijay Vaghela Group Finance Director 13

Consolidated income statement for the ( and 52 weeks ) notes 52 weeks Revenue 3,4 324.2 332.0 663.8 Cost of sales (170.4) (172.1) (344.9) Gross profit 153.8 159.9 318.9 Distribution costs (33.5) (38.9) (74.9) Administrative expenses: Non-recurring items: 5 Impairment of goodwill and other intangible assets - - (225.0) Other (4.0) - 0.6 Amortisation of other intangible assets (1.1) (1.1) (2.2) Pension administrative expenses 13 (2.1) (1.2) (2.8) Restructuring charges in respect of cost reduction measures (9.3) (5.3) (9.9) Other administrative expenses (73.1) (71.7) (142.8) Share of results of associates: Results before non-recurring items and amortisation 3.1 3.4 6.8 Non-recurring items 5 27.6 (0.2) (0.5) Amortisation of other intangible assets (1.4) (1.4) (3.0) Operating profit/(loss) 3 60.0 43.5 (134.8) Investment revenues 6 0.2 0.1 0.3 Pension finance charge 13 (5.5) (6.6) (13.2) Finance costs 7 (4.2) (6.7) (13.1) Profit/(loss) before tax 50.5 30.3 (160.8) Tax (charge)/credit 8 (4.9) (6.5) 64.4 Profit/(loss) for the period attributable to equity holders of the parent 45.6 23.8 (96.4) Statutory earnings/(loss) per share Pence Pence Pence Earnings/(loss) per share basic 10 18.4 9.6 (39.0) Earnings/(loss/ per share diluted 10 17.9 9.4 (39.0) Adjusted* earnings per share Pence Pence Pence Earnings per share basic 10 15.5 15.4 32.0 Earnings per share diluted 10 15.1 15.0 30.7 * Adjusted items relate to the exclusion of non-recurring items (share of non-recurring credit from associate undertakings of 27.6 million and provision for historical legal issues of 4.0 million), 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, the pension administrative expenses and the impact of tax legislation changes. Set out in note 17 is the reconciliation between the statutory results and the adjusted results. Consolidated statement of comprehensive income for the ( and 52 weeks ) notes 52 weeks Profit/(loss) for the period 45.6 23.8 (96.4) Items that will not be reclassified to profit and loss: Actuarial (losses)/gains on defined benefit pension schemes 13 (12.3) 5.2 42.5 Tax on actuarial (losses)/gains on defined benefit pension schemes 8 2.5 (1.2) (8.5) Deferred tax charge resulting from the future change in tax rate 8 - - (8.9) Share of items recognised by associates - (0.9) (1.0) Other comprehensive (costs)/income for the period (9.8) 3.1 24.1 Total comprehensive income/(costs) for the period 35.8 26.9 (72.3) 14

Consolidated statement of changes in equity for the ( and 52 weeks ) Share capital Share premium account Capital redemption reserve Retained earnings and other reserves Total At (25.8) (1,121.6) (4.3) 580.0 (571.7) Profit for the period - - - (45.6) (45.6) Other comprehensive costs for the period - - - 9.8 9.8 Total comprehensive income for the period - - - (35.8) (35.8) Capital reduction - 514.8 - (514.8) - Charge to equity for equity-settled share-based payments - - - 3.0 3.0 Purchase of shares for LTIP - - - 2.2 2.2 At (25.8) (606.8) (4.3) 34.6 (602.3) Share capital Share premium account Capital redemption reserve Retained earnings and other reserves Total At 30 December 2012 (25.8) (1,121.6) (4.3) 512.7 (639.0) Profit for the period - - - (23.8) (23.8) Other comprehensive income for the period - - - (3.1) (3.1) Total comprehensive income for the period - - - (26.9) (26.9) Credit to equity for equity-settled share-based payments - - - (0.9) (0.9) Purchase of shares for LTIP - - - 3.0 3.0 At (25.8) (1,121.6) (4.3) 487.9 (663.8) Share capital Share premium account Capital redemption reserve Retained earnings and other reserves Total At 30 December 2012 (25.8) (1,121.6) (4.3) 512.7 (639.0) Loss for the period - - - 96.4 96.4 Other comprehensive income for the period - - - (24.1) (24.1) Total comprehensive costs for the period - - - 72.3 72.3 Credit to equity for equity-settled share-based payments - - - (8.0) (8.0) Purchase of shares for LTIP - - - 3.0 3.0 At (25.8) (1,121.6) (4.3) 580.0 (571.7) 15

Consolidated balance sheet at ( and ) notes Non-current assets Goodwill 12.0 17.8 12.0 Other intangible assets 670.0 893.8 671.1 Property, plant and equipment 330.0 348.7 337.6 Investment in associates 56.1 25.4 26.8 Retirement benefit assets 13 12.9 25.4 15.7 Deferred tax assets 56.9 68.4 57.0 Derivative financial instruments 12-8.7 1.9 1,137.9 1,388.2 1,122.1 Current assets Inventories 6.3 6.8 8.9 Trade and other receivables 110.7 102.4 110.5 Cash and cash equivalents 12 12.3 46.7 15.5 129.3 155.9 134.9 Total assets 1,267.2 1,544.1 1,257.0 Non-current liabilities Borrowings 12 (59.9) (67.6) (62.0) Retirement benefit obligations 13 (285.0) (320.7) (267.9) Deferred tax liabilities (178.8) (261.5) (180.7) Provisions 14 (12.5) (7.0) (13.8) Derivative financial instruments 12 (1.5) - - (537.7) (656.8) (524.4) Current liabilities Borrowings 12 - (96.0) (40.4) Trade and other payables (96.9) (102.1) (90.3) Current tax liabilities (15.2) (17.5) (16.7) Provisions 14 (15.1) (7.5) (10.3) Derivative financial instruments 12 - (0.4) (3.2) (127.2) (223.5) (160.9) Total liabilities (664.9) (880.3) (685.3) Net assets 602.3 663.8 571.7 Equity Share capital 15 (25.8) (25.8) (25.8) Share premium account 15 (606.8) (1,121.6) (1,121.6) Capital redemption reserve 15 (4.3) (4.3) (4.3) Retained earnings and other reserves 15 34.6 487.9 580.0 Total equity attributable to equity holders of the parent (602.3) (663.8) (571.7) 16

Consolidated cash flow statement for the ( and 52 weeks ) notes 52 weeks Cash flows from operating activities Cash generated from operations 11 58.8 57.5 92.9 Income tax paid (9.3) (12.4) (22.0) Net cash inflow from operating activities 49.5 45.1 70.9 Investing activities Interest received 0.2 0.1 0.3 Dividend received from associates - 2.3 2.3 Proceeds on disposal of subsidiary undertaking 0.9-2.5 Proceeds on disposal of property, plant and equipment 0.1-0.7 Purchases of property, plant and equipment (5.0) (4.8) (8.0) Acquisition of associate undertaking - (14.2) (14.2) Net cash used in investing activities (3.8) (16.6) (16.4) Financing activities Interest paid on borrowings (2.5) (3.0) (5.7) Repayment of borrowings (44.2) - (54.5) Purchase of shares for LTIP (2.2) (3.0) (3.0) Net cash used in financing activities (48.9) (6.0) (63.2) Net (decrease)/increase in cash and cash equivalents (3.2) 22.5 (8.7) Cash and cash equivalents at the beginning of the period 12 15.5 24.2 24.2 Cash and cash equivalents at the end of the period 12 12.3 46.7 15.5 17

Notes to the consolidated financial statements for the ( and 52 weeks ) 1. General information The financial information in respect of the 52 weeks does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. A copy of the statutory accounts for that period has been delivered to the Registrar of Companies and is available at the Company s registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company s website at www.trinitymirror.com. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The consolidated financial statements for the do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been audited. No statutory accounts for the period have been delivered to the Registrar of Companies. This half-yearly financial report constitutes a dissemination announcement in accordance with Section 6.3 of the Disclosure and Transparency Rules. The auditors have carried out a review of the consolidated financial statements and their report is set out on page 31. The consolidated financial statements were approved by the directors on 28 July. This announcement will be made available at the Company s registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company s website at www.trinitymirror.com. 2. Accounting polices Basis of preparation The Group s annual consolidated financial statements are prepared in accordance with IFRS as adopted by the European Union. The consolidated financial statements included in this financial report have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. Going concern Having considered all the factors impacting the Group s businesses, including downside sensitivities, the directors are satisfied that the Group will be able to operate within the terms and conditions of the Group financing facilities for the foreseeable future. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Group s half-yearly financial report. Changes in accounting policy Except as noted below, the same accounting policies, presentation and methods of computation are followed in the consolidated financial statements as applied in the Group s latest annual consolidated financial statements. The Group has adopted new, am and revised standards and interpretations during the current financial period which have had no material impact on the Group: IFRS 10 (Issued) Consolidated Financial Statements effective for periods beginning on or after 1 January IFRS 11 (Issued) Joint Arrangements effective for periods beginning on or after 1 January IFRS 12 (Issued) Disclosure of Interests in Other Entities effective for periods beginning on or after 1 January IAS 27 (Revised) Separate Financial Statements effective for periods beginning on or after 1 January IAS 28 (Revised) Investments in Associates effective for periods beginning on or after 1 January IAS 32 (Am) Financial Instruments effective for periods beginning on or after 1 January IFRIC 21 (Issued) Levies - effective for periods starting on or after 1 January At the date of approval of these consolidated financial statements the following new standards, which have not been applied and when adopted will have no material impact on the Group, were in issue but not yet effective: IFRS 9 (Issued) Financial Instruments effective for periods starting on or after 1 January 2015 IFRS 15 (Issued) Revenue from contracts with Customers effective for periods starting on or after 1 January 2017 Changes in reporting Following a change in management structure, the Group has moved the revenue and results of fish4 from the Specialist Digital operating segment to the Publishing operating segment. The revision to the operating segments has had no impact on the revenue or operating profit of the Group. The comparatives have been restated as a result of this change. Note 16 sets out the impact of this change on the previously reported results. 18