Trinity Mirror surged in morning trading after revealing progress in ending its dependence on the 'burning platform' of newspapers - even as Chief Executive Sly Bailey prepares to leave.
On the surface, its latest update looks like bad news with advertising revenue from its network of national and regional newspapers down 11% in the 17 weeks to the end of April.
Total revenue declined 4% over the period but, as markets have clearly identified, there are a few bright spots.
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One of Trinity Mirror's big ideas is its daily deals offering "happli" for which it has already signed up 100,000 subscribers.
The group has also used strong cash flows to reduce debt by £24m to £197m since the beginning of the year and anticipates paying a further £70m off over May and June.
Cost cuts have also delivered £15m in structural savings while crucial digital revenues - which may be the saviour of news organisations - climbed 9%.
Trinity Mirror has been in the headlines recently after its long serving Chief Executive, Sly Bailey, announced she would be leaving, probably in response to shareholder discontent over pay. They certainly have a lot to be unhappy about: the stock has lost 93% of its value over the last 10 years, today however was better, at 12:00 the shares had risen 7.9%.
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