More Cuts At Trinity Mirror As Revenue Plunges

Trinity Mirror (LSE: TNI.L - news) plans to double its cost savings for 2015, after predicting an 11% fall in revenue for the first half of the year.

A "challenging revenue environment" has led the media group to raise its target for savings to £20m, compared to the original goal of £10m in March 2015.

The media group, which publishes titles including the Liverpool Echo and Manchester Evening News, believes full-year profits will still be in line with expectations.

In a trading statement, Trinity Mirror said it expects print advertising revenue from January to June to have fallen by 19%.

The company also warned circulation revenue could be down 6% compared to the same period last year.

However, an increase in the cover price of the weekday Daily Mirror in May is thought to have offset falling sales.

A boost in mobile users also led to digital display revenues increasing by more than 40% over the six-month period, and "continued investment to drive digital audiences" is planned.

The update also confirmed that Trinity Mirror's subsidiary, MGN Limited, is planning to challenge the £1.2m in damages awarded to eight celebrities in a phone-hacking civil suit.

An interim results announcement is expected on 3 August.