Earning: UK’s Trinity Mirror Falls On Ad Weakness, Set To Worsen

The worsening ad market saw operating profit at the UK’s largest newspaper group, Trinity Mirror, fall 15 percent to £80.5 million ($159 million) in the half-year to June, despite digital revenue growing 40.2 percent to £22.3 million ($44.1 million) — an increasingly familiar pattern. Digital revenue grew 100.6 percent from a low base inside Trinity’s national papers and 33.6 percent in regionals, where most publishers are seeing classifieds ads taking a pounding – ads were down three percent in January but 11.3 percent in June, and group-wide are down 15 percent so far in July.

So, whilst it’s still on track to make £20 million ($39.5 million) in 2008 cost cuts, it’s today announced a new round of cuts for 2009, with