Mirror newspapers could be for sale

TRINITY Mirror's new boss Sly Bailey has pledged to improve profitability and make the publisher 'synonymous with the gold standard in publishing'. The former IPC magazines boss, who has spent just 24 days at Trinity, will review the business from top to bottom.

She is keeping an 'open mind' about the future of its national newspapers - the Daily and Sunday Mirror and The People - though analysts expect they will eventually be sold. She said: 'I am not ruling anything in or out, but I believe the best opportunity for shareholder value is improving profitability.'

Trinity Mirror (up 7p at 392 1/2p) rebuffed a 450p-a-share bid approach from venture capitalists Apax and Candover in November. Since then it has had no approaches.

It made a £26.2m pre-tax profit in 2002, after a £125m write-down on the value of its regional publishing assets and £13.2m restructuring costs. It made a £14.2m loss in 2001. Central costs rose £2.4m, including pay-offs for former executives Joe Sinyor (£450,000), Philip Graf (£330,000) and Ric Piper (undisclosed). Dividends were held at 17.6p.

The Daily Mirror's circulation fell 3.4%, the Sunday Mirror's 4.8% and The People's 7.8% - hit by the launch of the Daily Star on Sunday.

Bailey hinted she will soon end discounts on the Mirror cover price. 'I am not a fan of price wars,' she said. Trinity's pension deficit rose from £25.9m to £163.1m.