Trinity Mirror has reported a 75% fall in pre-tax profits to £18.9m last year, with revenues slumping more than £50m in part due to the launch of Rupert Murdoch's Sun on Sunday.

Trinity Mirror's share price fell more than 8%, or 10p, to 110.25p in early trading on Thursday morning.

The publisher of the Daily Mirror, Sunday Mirror and Sunday People said revenues slumped 7% year-on-year to £706.5m, thanks to a decline in sales from the arrival of the Sunday edition of the Sun which was launched in February last year.

The company said about £12m of the £54.2m revenue decline was due to a fall in sales from the launch of News International's new Sunday tabloid.

Trinity Mirror said that advertising revenues fell 10.4% year-on-year and circulation revenues fell 7.9%.

The slump in pre-tax profits was also due to a non-cash writedown of £60m as an impairment charge following a review of the market position of Trinity Mirror's specialist digital classified recruitment and property businesses.

However on an underlying basis, adjusted pre-tax profits grew from £91.9m to £98.7m.

Trinity Mirror said that it has managed to make £25m in cost savings, well ahead of the £15m target set at the beginning of 2012.

The company said that it has had a "slow start" in January and February with revenues declining by 13% year-on-year. This is in part because of the impact of the Sun on Sunday, which launched in late February 2012, on the year-on-year revenue comparison.

Revenues in March are expected to be down 7% year-on-year, which is "more reflective of the underlying trends".

Trinity Mirror's board said that while the market remains "difficult" it is "mindful" of the £98.7m in debt repayments due this year and by June 2014.

Trinity Mirror's pension deficit increased by £67.6m to £297.7m. Simon Fox, the chief executive of Trinity Mirror, said the company intended to invest £8m in the business this year while finding £10m in cost savings.

Summary of 2012 figures

Pre-tax profits: £18.9m (-75% year-on-year)

Adjusted pre-tax profits: £98.7m (+7.4%)

Revenue: £706.5m (-7%)

Advertising revenue: £292.8m (-10.4%)

Circulation revenue: £297.2m (-7.9%)

Digital revenue: £40.8m (+8.5%)

Earnings per share: 29.9p (+10.7%)

Net debt: £157m (-29%)

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