LONDON (ShareCast) - Trinity Mirror has raised its guidance for full-year profits after a better-than-expected end to 2013.

The national and regional newspaper publisher said that adjusted operating profits for the 12 months ended December 29th will be 4% ahead of market expectations.

Revenues in November and December fell by only 1% year-on-year, compared with the 9% decline in the first half.

However, Trinity also said it would also take a write-down of £225m relating to its goodwill and intangible assets, along with a £700m impairment charge for losses on investments.

These would not affect adjusted results and are "technical accounting requirements", according to Chief Executive Simon Fox.

"They do not relate to or impact the progress we are making with our strategy and I continue to believe that the business has significant long-term potential," he said.

Trinity said it intends to seek a capital reduction at the time of the 2013 results announcement in March to eliminate any negative balance on the profit and loss account.

"We feel it prudent to hold our 2014 estimates at this stage, though see risk as firmly on the upside as we move through 2014 given recent trading momentum," said analysts at Numis Securities.

The stock was 5.3% higher at 184.75p in afternoon trade on Tuesday.

BC

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