Trinity Mirror surged in morning trading after revealing progress in ending its dependence on the 'burning platform' of newspapers - even as Chief Executive Sly Bailey prepares to leave.
On the surface, its latest update looks like bad news with advertising revenue from its network of national and regional newspapers down 11% in the 17 weeks to the end of April.
Total revenue declined 4% over the period but, as markets have clearly identified, there are a few bright spots.
One of Trinity Mirror's big ideas is its daily deals offering "happli" for which it has already signed up 100,000 subscribers.
The group has also used strong cash flows to reduce debt by £24m to £197m since the beginning of the year and anticipates paying a further £70m off over May and June.
Cost cuts have also delivered £15m in structural savings while crucial digital revenues - which may be the saviour of news organisations - climbed 9%.
Trinity Mirror has been in the headlines recently after its long serving Chief Executive, Sly Bailey, announced she would be leaving, probably in response to shareholder discontent over pay. They certainly have a lot to be unhappy about: the stock has lost 93% of its value over the last 10 years, today however was better, at 12:00 the shares had risen 7.9%.
The Chancellor has launched legal action to block the European Union-wide levy on financial transactions (FTT) which traders fear could have a devastating impact on the City. More specifically, Osborne is worried by the fact that the levy will apply even to those countries who opt out of the agreement. Great Britain already has two other claims outstanding against the EU for setting financial rules which allegedly handicap the City, the FT writes. [21 Apr '13]
Three people are said to have been killed and over a hundred injured by two explosions near the finishing line of the Boston marathon yesterday. "The White House said the incident would be handled as an 'act of terror'. If confirmed as terrorism, it would be the most dramatic such incident on the mainland US since the 9/11 attacks in New York and Washington in 2001," writes the Financial Times. [16 Apr '13]
National newspaper publisher Trinity Mirror said annual profit and revenue fell sharply and, while it expects the trading environment to remain difficult, it will continue to invest in the business and pay down long term debt. [14 Mar '13]
Terrestrial broadcaster ITV was providing a lift to the media sector on Monday afternoon following the strong viewing figures for its celebrity reality TV show 'I'm a Celebrity Get Me Out of Here'. [3 Dec '12]
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