Home news Trinity Mirror sets aside another £7.5m for hacking scandal

Trinity Mirror sets aside another £7.5m for hacking scandal

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Trinity Mirror has set aside £7.5m extra to settle phone-hacking allegations, and revealed it has secured a five-year contract to print the Guardian.The Daily Mirror owner said it had settled over 80% of claims.In a trading update for the 26 weeks ending 2 July, it said group revenue will be down 9% on a like-for-like basis for the period.Falls in circulation and advertising have forced it to cut costs. ‘Volatile’ environment Print advertising and circulation revenue fell by 21% and 6% respectively over the period.Chief executive Simon Fox said: “The trading environment for print in the first half remained volatile but we remain on course to meet our expectations for the year.”I anticipate that the second half will show improving revenue momentum as we benefit from initiatives implemented during the first half of the year.”Trinity said while it had settled a majority of the phone hacking claims made against it more funds were being provided because of “the lengthy process of settling claims and the structure and quantum of legal fees for the claimants”.The group also revealed it has signed a five-year print and distribution deal for the Guardian and Observer newspapers from early 2018.
Source: BBC News