Trinity Mirror warn of more job cuts

Click to follow

Daily Mirror and regional newspaper publisher Trinity Mirror warned today of further job losses as it steps up a cost-cutting drive.

The group said it had axed 28 local titles so far this year as it grapples with a deepening advertising slump. Eleven titles, including the Formby Times and the Derby Trader, shut in the four months to October 26.

Trinity Mirror, which also publishes the Birmingham Post and the Daily Record in Scotland, said it had upped this year's cost-cutting target by £5 million, to £25 million.

It will also shave at least a further £20 million off annual costs in 2009 and said more job cuts would be inevitable.

Trinity Mirror said the decline in advertising revenues had picked up pace across all categories, down 20.1% on an underlying basis in the 17 weeks to October 26.

The group reported a further impact of consumer belt-tightening on regional and national circulation, with volumes "softening" and revenues down 5.7% and 4.7% respectively since the end of June.