5th Mar 2024 14:17
(Alliance News) - 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 GBP568.6 million from GBP601.4 million a year earlier.
This was due to a 2.2% decline in print revenue to GBP438.8 million from GBP448.6 million the year before, while digital revenue dropped 15% to GBP127.4 million from GBP149.8 million a year ago.
Pretax profit fell 45% to GBP36.7 million from GBP66.2 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."
By Sabrina Penty, Alliance News reporter
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