Trinity Mirror eyes more buys after Local World success

Trinity Mirror is so pleased with its acquisition of Local World that it could do another deal to buy up newspapers, says chief executive Simon Fox.

Announcing a strong set of results for 2016, Fox said that the deal “proves that we are a good acquirer”.

Trinity has falling debts and bank facilities available should the right opportunity arise, he added. It is unlikely to acquire tech or digital brands, since they sell on such a high multiple of profits.

Profit for the year rose by nearly £26 million to £133.2 million. Revenues grew £120 million to £713 million, largely thanks to Local World, publisher of more than 100 titles from the Ashford Herald to the Yeovil Times.

Trinity last week pulled out of talks to create a joint advertising initiative, called Project Rio, across Britain’s national newspaper industry. Fox wouldn’t say why. “We genuinely wish it well and have kept the door open to rejoining,” he said.

Digital now accounts for 25% of Trinity sales, up from 7% in 2012.