Reach PLC

Ticker RCH

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As of 06:29 05 Apr 2020
Market cap. Pound sterling
269.34 million
As of 06:29 05 Apr 2020

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Mirror owner sees revenue fall 5.3%

Mirror newspaper

Publisher Reach Plc saw its revenue fall by 5.3% last year, on a like-for-like basis.

That's compared with a fall of 6.6% in 2018.

Actual revenue was £702.5m, down from £723.9m a year earlier.

The company, which owns over 150 brands including the Mirror, Express and Star, said revenue from circulation was 'resilient' and that it had seen digital revenue grow 13.2%, with average worldwide monthly page views growing by 25% year-on-year.

Publisher Reach no longer eyeing JPI Media assets

Daily Mirror and Daily Express

The owner of the Daily Mirror and Daily Express, Reach, has said it is no longer in talks to buy some of the assets of JPI Media, which owns the i newspaper and many regional titles.

In July, Reach had said it was in talks to buy some of JPI's assets, but in a trading update on Friday it said it was "no longer in active discussions".

Reach also said that in the five months to 24 November like-for-like revenues fell 4.4%, although this was an improvement on the 6.6% like-for-like decline seen a year earlier.

The switch away from print to digital continued, with print revenues down 7.3% and digital up 14.0%.

New boss at Mirror publisher Reach

Daily Mirror and Daily Express

The publisher of the Daily Mirror and Daily Express newspapers, Reach, has announced a new boss.

The current chief executive, Simon Fox, will step down on 16 August to be succeeded by Jim Mullen, who was most recently chief executive of Ladbroke Coral.

Mr Mullen's previous roles include director of product management and director of digital strategy at News International.

The news came as Reach released half-year results showing an 8% rise in adjusted pre-tax profits to £69.9m, although revenues dipped slightly, by 0.3%, to £352.6m.

Solid start for Reach

newspaper mastheads

Newspaper group Reach, formerly Trinity Mirror, also has an annual general meeting later today.

In a trading update before meeting investors, it says that revenue in the four months to 28 April fell by 6.4% - an improvement on the 7.8% fall in the first four months of 2018.

Simon Fox, chief executive, described the start to the year as "solid".

"Our early term loan repayment demonstrates the continued success of the Express & Star acquisition and the strong cash generation of the group. We also continue to make good strategic progress, most importantly with a range of digital projects to drive both page views and revenue, the effects of which we expect to see in the second half of the year."

Positive noises from Fox at Reach

Today Programme

BBC Radio 4

Mirror and Express newspapers

More on those annual figures from newspaper group Reach, formerly Trinity Mirror.

The firm made a £141.9m adjusted profit, but after allowing for write-offs made a statutory loss of £119.9m.

"We are a very cash generative business," Reach chief executive Simon Fox told BBC Radio Four's Today programme.

"We had a stronger final quarter than expected in print and digital."

He said around 100 jobs had been shed with the merging of a number of Mirror and Express writing teams, including sport.

"We are bringing teams together to share content, and have opened new digital newsrooms in Edinburgh, Leeds and the Black Country."

Express purchase boosts Reach revenues

Daily Mirror

The owner of the Mirror newspapers has seen annual revenues grow by 16% following its purchase of Express & Star newspapers last year. But like-for-like revenues fell by 6.6%.

Reach, formerly known as Trinity Mirror, also owns major regional papers the Manchester Evening News, Daily Record and Liverpool Echo.

Simon Fox, Chief Executive, Reach, said: “I am pleased with the performance we have delivered in 2018 and encouraged by the stronger finish to the year. We have begun 2019 in a strong financial position with good momentum on the integration of Express & Star and with clear plans for digital growth.”

Reach says trading has improved

Getty Images

The owner of the Mirror and Express newspapers says trading has improved in the fourth quarter and it is confident that performance this year will be slightly ahead of mar

Reach, formerly known as Trinity Mirror, says it is confident that performance for 2018 will be "marginally ahead of market expectations".

Group revenue was up 23% in the fourth quarter, reflecting its recent takeover of the Express and Star titles from Richard Desmond.

On a like-for-like basis, however revenue is expected to drop 5%.