The company remains on track to deliver the structural cost savings target of £25m for 2011, while its net debt has fallen by £20m to £242m since 3 July 2011.

While advertising revenue dropped 8% year on-year in the first quarter, circulation revenue has increased by 7%.

The News of the World, rival publisher News International's Sunday tabloid, closed in July after a phone tapping scandal.

Trinity was the big winner following the closure as it publishes two red–top tabloid rivals, the Sunday Mirror and The People. In September the Sunday Mirror's circulation was up 63.9% at 1.85m, while The People had 839,000 sales, a year-on-year increase of 57.6%.

Trinity said that it had recorded year-on-year revenues in line with 2010, thanks to the circulation increases, coupled with an improvement in the rate of decline in advertising revenue.

It said: "Advertising markets are expected to remain challenging, showing year on year declines and month on month volatility for the remainder of 2011 and into 2012.

"However, for the rest of this year we anticipate continued year on year growth in circulation and other revenues."

Regional circulation dropped by 3%, an improved level compared to recent years. It was also offset by the increase in cover price in a number of areas, advertising revenues continue to dropl, down 7%.