Sly Bailey’s Trinity Mirror (LSE: TNI) says its recent acquisition of the 50 percent of Fish4 it did not already own will add £3 million to its digital recruitment advertising in its first full year of ownership, suggesting Fish4 had been on course for £6 million in revenue.
The acquisition price wasn’t disclosed but is thought to have been a bargain. In its 2009 annual report, Trinity had not listed its earnings from Fish4 as equity because it was “immaterial”. In fact, Trinity said Fish4 had owed it £500,000, which is likely to have offset anything Trinity paid for its piece of fish.
Trinity’s digital revenues have been dragged down by its jobs classifieds through the downturn, but this is exactly the area Fish4 is swimming in.
Giving indications on Wednesday of group earnings during the 17 months to October, Trinity Mirror reported…
– Digital revenue up six percent from the previous year.
— Total income up four percent.
— Ad sales up 13 percent.
— Circulation income down four percent.
Regionals’ digital income was up 6.4 percent, nationals up 3.1 percent