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Trinity Mirror expects results 'marginally ahead'; completes Express deal

By BFN News | 08:08 AM | Friday 09 February, 2018


Newspaper publisher Trinity Mirror said it expected its adjusted results for the full year to be 'marginally' head of consensus forecasts. The announcement came as the company also completed a £126.7m deal to acquire the Express and Star newspapers. Group revenue for 2017 on a like-for-like basis was expected to fall by 9% on-year, broadly in line with the 9% decline in the first half. The company said it expected to propose a final dividend of 3.55p per share, bringing the full-year dividend of 5.80p, up 6.4% on the previous year. Costs associated with the settlement of civil claims in relation to phone hacking, however, had been higher than expected, in particular the legal fees of the claimants' lawyers and the general court process, Trinity Mirror said. 'Therefore, we have increased the provision for settling these historical claims by a further £3.0m. This is in addition to the £7.5m increase in the provision at the half year resulting in a total charge of £10.5m for the full year,' it said. 'Although there remains uncertainty as to how these matters will progress, the board remains confident that the exposures arising from these historical events are manageable and do not undermine the delivery of the group's strategy.' At 8:08am: (LON:TNI) Trinity Mirror PLC share price was +8.3p at 78.1p Story provided by StockMarketWire.com

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