Sunday 18 February 2018

Trinity Mirror raises phone hacking provision to £12m

Trinity Mirror
Trinity Mirror

Trinity Mirror, which publishes British tabloid newspaper the Daily Mirror, has raised the amount of money it has set aside to settle claims from individuals of phone hacking after the newspaper published an apology on Friday.

The firm said the provision would be raised by £8m to £12m when it publishes 2014 results on March 2.

"Inevitably there remains some uncertainty as to how matters will progress and whether or not new allegations or claims will emerge and their possible financial impact," it said.

Britain's newspaper industry was rocked in 2011 by the closure of Rupert Murdoch's best-selling News of the World, after revelations that some staff had regularly hacked into phone message recording services to generate scoops.

In April Trinity Mirror admitted liability to four individuals who had sued its MGN unit for alleged interception of their voicemails, and said it would pay compensation, without detailing how much.

The firm said it was continuing to co-operate with the Metropolitan Police Service in their investigations into phone hacking.

On Friday Trinity Mirror published an open apology to the victims of phone hacking in the Daily Mirror and plans to publish the same apology in the Sunday Mirror and Sunday People.

The firm also forecast adjusted profits and earnings per share for the year to Dec. 28 2014 would be marginally ahead of consensus forecasts. Net debt was forecast to be below 20 million pounds.

Shares in Trinity Mirror closed on Thursday at 183.5 pence, valuing the business at 468 million pounds.

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