The group has also reinstated its dividend, which was last paid in 2008.
Chief executive Simon Fox said the results showed that its strategy was paying off and said that the full year were also likely to be ahead of plan.
"The Group continues to make good progress with the delivery of our strategic initiatives as clearly demonstrated in the performance for the first half of 2014. This momentum gives the Board confidence that our performance for the year will be marginally ahead of expectations," he stated.
However, the phone hacking scandal continues to cast a cloud, resulting in a contingent liability for the group. Trinity Mirror has made a £4m provision against the potential cost of dealing with claims from members of the public. It said: “It remains uncertain as to how these matters will progress, whether further allegations or claims will be made, and their financial impact.”
Further liabilities could arise “from the outcome or resolution of the ongoing historical legal issues”.
Overall, group sales fell by 2.3% to £324.2m in the six months to 29 June 2014, and the rate of decline in print sales reduced.
Operating profit fell to £50.3m (2013: £52.7m) excluding a one-off £27.5m gain on the sale of its share in weather forecasting service MeteoGroup, and the £4m hacking contingency.
Digital revenues jumped by nearly 50% to £14.9m (2013: £10.1m).
Print revenues fell by 4.3% and Trinity Mirror said the market for its regional titles remained “difficult”. In its national stable, flagship title the Daily Mirror outperformed the overall declining trend in national newspapers, but its Sunday titles did not, which the group said was due to cover price increases implemented at the papers.
A 10% year-on-year increase in newsprint prices during the first half was “more than offset” by a raft of cost reduction measures, including the closure of its Reading print plant, and the group expects to benefit from falling newsprint prices in the second half.
Sales at its printing division were up 3.4% to £33.8m, and its contract printing operation grew 1% to £19.5m.
Net debt was reduced by £41m to £56m, and the business has also agreed a new £60m banking facility, which is in place until 2018.
The deficit in Trinity Mirror’s final salary pension scheme increased by almost £20m to £272.1m during the period, but there is no change in the way the business is funding the commitment.
Its share price rose 20.5p to 199.25p on the news (52-week high: 233.5p, low: 105.25p).
