By Jonathan Davies

Trinity Mirror jumped more than 8% on Monday after reporting that it is set to hit its profit expectations for 2015.

The company said that it has been generating cash to such an extent that it now has a net cash position for the first time in its history.

The publishing group, which owns a host of newspapers including the Daily Mirror, said "growth in digital income" and continued cost-cutting measures had put it on course to hit its target.

But Trinity Mirror faces ever declining revenues in print advertising. Overall revenues were down 8.7% with publishing revenue falling 8.8%. Print sales were down 11.6%.

The publishing firm expects to make a profit of around £47 million in 2015, meaning its cost-cutting measures would have helped to reduce its fall in profits to just 2.5%.

Simon Fox, the chief executive of Trinity Mirror, said: "The print advertising environment has been more challenging than anticipated in the first half.

"As a result, whilst continuing to invest in people and technology to drive the ongoing growth in digital audience and revenue, we have taken further action to address our print cost base."