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£161m annual loss for Trinity Mirror

Trinity Mirror has reported a £161 million annual loss after taking a £225m impairment charge on the value of some of its assets.

The company, which owns the Daily Record, said group revenues fell 6% to £663.8m in 2013 although its adjusted operating profits were up from £107.1m to £108m.

Chief executive Simon Fox said the business had benefited from a growing digital audience and cost-cutting measures it made during the year.

Digital display advertising was said to have grown by more than 30% in the year.

Circulation revenues in its publishing arm fell by 3.8%, with the trend between March and December an improvement on the previous year as a result of cover price rises for a number of titles, as well as better volume trends. Trinity said the market for regional titles remained difficult.

The company's annual report showed Mr Fox was paid £710,000 last year while former chief executive Sly Bailey is in line to receive almost 200,000 shares this month under a long-term incentive programme.

Shares in the company, which have more than doubled since April last year, closed down 4p, or 2%, at 213.75p.

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