DAILY Record owner Trinity Mirror is to double its cost savings programme in a bid to offset falling advertising at its print titles.
The group, which publishes a raft of titles around the UK including the Daily Mirror and Sunday Mail, said in a trading update it expects revenues to slump 11 per cent in the 26 weeks to June 28 compared to a year ago.
It blamed "challenging" print advertising condition and warned sales there are expected to fall by 19 per cent in the period as a result of lower spending from key retail and telecoms advertisers.
While the company maintained its annual profit guidance it is now targeting cost savings of £20 million, double the £10m figure it announced in March.
It said: "This coupled with ongoing cost mitigation actions and continued investment to drive digital audience and revenue will help underpin profits."
The firm said the increased targeted cost savings will result in restructuring costs increasing by around £5m to £15m. In June Trinity Mirror outlined plans to cut around 45 jobs with 20 of those going at its Media Scotland operation.
In May it decided to close online brands Ampp3d and UsVsTh3m to focus resources on growing audience in North America.
In the latest trading update the media group also said average monthly unique users and page views for its online business grew more than 50 per cent in the period, allowing digital display revenue to jump over 40 per cent.
It added that it expects annual profits will be in line with expectations.
Brokers at Peel Hunt said the period had "been very tough for national print advertising".
It forecasts Trinity Mirror will turn in adjusted full-year pre-tax profits of £102m, up one per cent on a year ago.
Trinity Mirror, which has been embroiled in the high-profile celebrity phone-hacking scandal, confirmed that its subsidiary MGN Ltd was seeking permission to appeal against a court ruling ordering it to pay a total of £1.2m in damages to eight phone-hacking victims which it has called "excessive and disproportionate".
The celebrities include former footballer Paul Gascoigne EastEnders star Shane Richie and TV presenter Alan Yentob.
Last September, the newspaper group admitted liability over hacking the phones of four people and said it would pay compensation.
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