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Reach PLC on Tuesday reported a decline in its full-year revenue and profit. Shares in Reach jumped 13% to 67.20 pence each in London on Tuesday afternoon. The London-based newspaper publisher that in the 53 weeks ended December 31, revenue fell 5.4% to £568.6 million from £601.4 million a year earlier. This was due to a 2.2% decline in print revenue to £438.8 million from £448.6 million the year before, while digital revenue dropped 15% to £127.4 million from £149.8 million a year ago. Pretax profit fell 45% to £36.7 million from £66.2 million. Reach kept its dividend unchanged at 7.34 pence per share. Chief Executive Jim Mullen said: ‘This year we have successfully gained clarity on two significant long-term uncertainties in pension funding and Historical Legal Issues. With the end of these issues in sight, we have significantly reduced our obligations and have a clear path forward for the business.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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