Trinity Mirror said it benefited from the closure of the News of the World last month and was satisfied none of its senior executives had hacked phones or bribed police since 2000, lifting its shares. The British newspaper publisher said Friday that group circulation revenues were up 2 percent in July following the closure of the rival tabloid, with national titles up 4 percent. First-half circulation revenues had fallen 5.4 percent.
“Our Sundays have had a great July,” Chief Executive Sly Bailey told journalists on a conference call.
The Sunday Mirror gained 64 percent in circulation between June and July, according to figures released by British media measurement organisation ABC on Friday, making it the most popular Sunday tabloid with a circulation of 1.8 million.
Shares in Trinity Mirror, which also reported first-half results in line with expectations and announced extra cost cuts, jumped almost 20 percent at one point, and by 1205 GMT were trading up 18.3 percent.
“There is no real clarity on the outcome, if any, of the ongoing phone-hacking scandal and this may remain an overhang,” wrote Panmure analyst Alex DeGroote. “However, there should be enough in the H1 statement/results to see a relief rally.”
