British publisher Trinity Mirror said today its first-half profit rose 13 per cent but cautioned trading conditions were difficult due to a tough advertising market.
London-based Trinity Mirror, which also owns a group of regional newspapers, said profit before net non-recurring items and tax was £112.5 million in the six months to July 3rd, while operating profit grew by 7.9 per cent to £128.3 million.
However, revenues in the period rose just 1.2 per cent to £579 million due to a challenging advertising environment.
"The UK economy has slowed from the beginning of the year contributing to a weakening retail environment with sluggish consumer spending. This has impacted most advertising categories across our portfolio of newspaper titles," the company said.
"As there remains limited visibility in the advertising market place, we are managing the business on the assumption that the advertising conditions experienced in the first half will continue for the remainder of the year."
Advertising revenue fell 0.4 per cent to £323 million, and circulation revenues increased 3.1 per cent to £200.9 million.
"We've continued to maintain our advertising volume market share and to perform in line with the industry," chief executive Sly Bailey said.
A sweeping cost-cut programme at Trinity Mirror had put the publisher back on track for revenue growth, Ms Bailey said.