Reach: Print revenue falls at Mirror and Express publisher
The Daily Mirror and Daily Express publisher has said it is confident it can deliver on full year forecasts, despite falling print revenue.
In a trading update for its third quarter, Reach said group revenue fell 2.5 per cent year on year, and was down 4.3 per cent overall in the nine months to September.
This was largely due to a drop in print revenue, with circulation down 1.9 per cent and advertising 9.1 per cent in the third quarter, compared to the previous year.
Digital revenue, however, picked up 2.5 per cent over the quarter as advertisers brought some of their spend forward to chime with big events like the Euros. Reach said it expects more digital growth in the fourth quarter.
Reach said it is confident in delivering expectations for the full year, including a consensus adjusted operating profit of £97.7m.
In July, Reach reported that operating profit rose by 23 per cent year on year, from £36.1m to £44.5m.
“We remain focused on costs and we are tracking slightly ahead of the five to six per cent cost saving target we set at the start of the year,” the publisher added on Tuesday.
Chief executive Jim Mullen said: “Our Customer Value Strategy continues to drive revenue diversification and has helped us navigate the dynamic media backdrop.
“We continue to make good progress with our investments including our US expansion, the re-platforming of our websites and our in-house ad tech platform, Mantis.
“While the quarter saw big news events such as the Olympics and developments in the US elections, it also highlighted the importance of trusted news sources to responsibly report on tragic events such as in Southport, especially in the wake of disinformation and social unrest,” he added.