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Reach on clear pathway to growth
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Reach expects full-year operating profit to be slightly ahead of market expectations Although headline revenue growth is currently flattered by a soft prior year comparative, underlying momentum has been encouraging, particularly in digital, the company said
Newspapers group Reach PLC (LON:RCH) said digital and print revenue in the first four months of the year was slightly ahead of management’s expectations.
The owner of the Mirror and Express titles expects operating profit for the full year to be slightly ahead of market expectations.
The group said digital revenue grew by 35.0% in the period compared with a year earlier. Print revenue declined by 10.4% on the back of a 7.9% decline in circulation.
Newspaper publisher Reach expects to outperform expectations this year after it did better than first thought in its online and print publications.
Online publications have been the stand-out performer for the publisher of the Daily Mirror and Daily Express, as people have been stuck at home for the past year.
They continued strongly, with digital revenue soaring 35% in the four months to late April, Reach said on Thursday.
Print revenue, which has suffered during lockdown, dropped 10.4% and print circulation fell 7.9%.
Overall, it led to a 3.1% drop in overall revenue.
This means that Reach now believes it will make an operating profit which is slightly ahead of the £137.1 million that analysts are expecting on average.