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Reach expects profits to beat market expectations
StockMarketWire.com
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Reach, the owner of the Daily Mirror and Daily Express newspapers, said it expects profits to beat market expectation after a surge in online revenue.
The company said it expects underlying operating profit for 2020 to be ahead of market expectations, in the range of £130 to £135 million, following a record digital revenue performance. Online revenue grew by 24.9% in the fourth quarter, up from 13.4% in in the third.
Print circulation sales were down 11.7% in the fourth quarter, an improvement on the 12.6% decline in the third. These trends contributed to an improved total revenue decline in fourth of 10.2%, compared with the 14.8% decline in third.
Reach said reached the milestone of five million online customer registrations and completed the development of Reach ID, its proprietary customer insight platform which provides a combined view of a user's activity across its sites.
Chief executive officer, Jim Mullen, said: It is a testament to our people that Reach has not only dealt with the unique challenges 2020 has presented, but we have accelerated our strategy and we are ahead of where we expected to be. The new Covid-19 restrictions bring macro-economic uncertainty, but the changes made in the business during 2020 to develop a new, more efficient operating model put us in a strong competitive position.
At 9:29am: (LON:RCH) Reach Plc share price was 0p at 148.8p
Story provided by StockMarketWire.com
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