In its results for the 52 weeks to 2 January 2011, the company recorded a turnover of £761.5m, down from £763.3m the previous year. Operating profit rose from £105.4m to £123.3m, while its net debt fell £58m to £265.9m.

The company's underlying cost base fell £64.7m; this included £25m of structural cost savings, which was £5m ahead of its target for the year. Pre-tax profit for the year was £101.5m (2009: £72.7m).

Contract printing added to the company's turnover, with the addition of the Independent's micro publication i. Turnover for the division was £45.1m.

Last year, Trinity bought regional newspaper division GMG Regional Media from the Guardian in a deal that cost just £7.4m, but brought on board a business that generated £50.9m in 2010.

According to Trinity, the addition of GMG Regional Media helped the regional newspaper division to deliver a profit increase of 44% from £35.9m to £51.7m.

Advertising revenue increased from £331.8m to £351.3m, while circulation dipped to £317.4m from £339.3m.

According to Trinity Mirror, the company is now the largest contract printer of newspapers in the UK. As part of the GMG Regional Media investment it acquired a print plant in Reading, which it said enabled it to secure the i contract. Contract print revenue is now at £45.1m and the company said it did not envisage any further investment in its print network.

Chief executive Sly Bailey said: "We delivered a strong performance during 2010. Although 2010 proved to be as challenging as expected, we made good progress in rolling out our new operating model, integrating GMG Regional Media and increasing profitability and margin while managing extremely volatile revenue trends throughout the year."