Tuesday, September 29, 2009

Mercury owners issue trading update

The Mercury's owners, Daily Mail and General Trust, issued a trading update today, with figures up to the end of August, a month before the end of our financial year.

It has been a torrid year for newspapers, but the update points to some improvements in the financials, both in terms of advertising sales trends and the profit outcome as a result of the cost cutting exercise which has led to 1,500 people losing their jobs across the national and local newspapers - this, of course, includes those who lost their job when the presses closed in Leicester and the nine journalists who were made redundant when we re-organised the way we handle the back end production of the Mercury. It has been a pretty horrible process, but it's clear from the figures that if the cuts had not been made, the newspapers would have found themselves in a pretty horrific situation by now.

For those who want to see the details, you can find them here on DMGT's website.