2nd May 2019 10:59
LONDON (Alliance News) - Reach PLC on Thursday said like-for-like revenue trends have improved on 2018, and the UK media company anticipates performance for 2019 to be in in line with market expectations.
For the four months to April 28, Reach recorded a 6.4% drop in like-for-like revenue, an improvement on the 7.8% like-for-like drop in the year-ago period. Within like-for-like revenue, print fell by 7.9% by digital grew by 8.4%.
Group revenue for the four months grew 4.4% due to the inclusion of the Express and Star newspapers acquisition. Reach also publishes the Daily Mirror and Daily Express.
Reach said it is undertaking a series of digital initiatives, which will further accelerate growth.
"I am pleased with the solid start to the year and the positive improvement in revenue trends. 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," Chief Executive Simon Fox said.
Net debt at the end of April stood at GBP22.2 million comprised of drawings on an acquisition term loan of GBP39.7 million, less cash balances of GBP17.5 million.
Shares in Reach were up 3.7% at 79.00 pence each on Thursday morning.
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