Some depressing, but not totally unsurprising, news from TrinityMirror.
Fresh from much-trumpeted investment in new technology across the group, particularly in its regional papers such as The Birmingham Post, comes warnings of further “efficiency savings” after it revealed profits would be down 10pc this year.
Such efficiency savings have become regular occurrences for TM titles in recent years.
But hot on the heels of the profit warning comes the sort of announcement you hate to hear. TrinityMirror is to freeze its successful graduate trainee scheme.
Scheduled shortlist interviews, due to held this week for the two posts to make up the autumn intake, have been cancelled. There is no news yet how long the freeze will be in place, but it is somewhat depressing to see that a scheme that has unearthed so much young talent over the years is possibly the first victim of the new round of efficiency savings.
Participants on the TM scheme earn about £18,500 while on training programme – a four-month course on a Press Association training scheme in Newcastle and then positions around the country on national and regional titles.
Some leading lights of the newspaper world have come via the TM scheme, including one or two now making waves in the brave new digital world.
Newspapers clearly need to be embracing new technology in order to survive in the long-term.
But surely investing in the future of newspapers also involves finding the next generation of skilled, trained journalists?