Trinity Mirror said it would focus on growing its digital advertising sales and further diversify its income after reporting a 10.7 per cent drop in full-year print revenue.

The owner of the Daily Mirror, which has been ripping out costs to counter the fall in circulation and print advertising, said it had seen particularly weak demand from retail customers for display ads, and a drop in classified recruitment postings.

However the tight control on costs and the acquisition of more local newspapers enabled Trinity to post a 12 per cent rise in adjusted earnings per share and to say that it was confident it would be able to deliver sustainable growth in revenue, profit and cash flow over the medium term. “We have delivered a strong financial performance in the year despite the challenging environment we face,” chief executive Simon Fox said. “I am particularly pleased with the progress we have made in growing our digital audience and revenue, and with the work we have done this year to develop and refine our strategic priorities for the year ahead.”