Trinity Mirror doubles cost-cut target as print ads continue slump

* Estimates H1 revenue fell 11 pct

* Still sees FY profit in line with expectations

* H1 print ad rev down 19 pct, circulation rev down 6 pct

* Digital publishing revenue up 26 pct

* Shares (Berlin: DI6.BE - news) down 3.8 pct (Adds analyst comments, details, updates share movement)

June 26 (Reuters) - Britain's Trinity Mirror Plc (LSE: TNI.L - news) , publisher of the Daily Mirror and Sunday Mirror, said it would double its cost-cutting target for the year to protect profit as weak print advertising chips away at revenue.

The company said it now expects to save 20 million pounds ($31 million) this year, but the move would add about 5 million pounds to its restructuring bill, bringing the total to 15 million pounds.

Trinity Mirror said on Friday it expected revenue to fall 11 percent for the 26 weeks ending June 28, but that it still expected full-year profit to be in line with expectations.

"... We expect ongoing efficiencies to bridge the gap between revenues lost and extra savings," Barclays (LSE: BARC.L - news) analysts said, cutting their revenues estimate but maintaining their EBITA forecast on the company.

Britain's newspaper industry has been hammered in recent years by the move online of both readers and advertisers, but Trinity Mirror's tight cost controls and growing digital sales helped it pay a dividend this month, its first since 2008.

Trinity Mirror, which also owns the Daily Record and the People, estimated print advertising revenue fell almost 19 percent in the first six months of the year, while circulation revenue declined 6 percent.

Underlying digital publishing revenue, however, is estimated to have jumped 26 percent due to a 50 percent rise in average monthly unique users and page views.

Trinity Mirror is also embroiled in the high-profile celebrity phone-hacking scandal and confirmed on Friday that its subsidiary was seeking permission to appeal against a court ruling ordering it to pay 1.2 million pounds in damages to eight victims.

Last September, the newspaper group admitted liability over hacking the phones of certain celebrities and has since set aside 28 million pounds to deal with the fallout.

"With the current ad trend so weak, and with civil and criminal hacking investigations still slowly working their ways slowly through the legal system, we think the stock could continue to drift in the near term," said Panmure Gordon analyst Jonathan Helliwell, downgrading the stock to "hold" from "buy".

Shares in Trinity Mirror, which dates back to 1832, were down 3.8 percent at 153.25 pence at 1141 GMT on the London Stock Exchange. ($1 = 0.6354 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier and Savio D'Souza)