10th Oct 2023 11:23
(Alliance News) - Reach PLC on Tuesday said that in its third quarter to September 24, revenue fell amid a sharp decline in digital revenue, citing Meta Platform Inc's Facebook de-prioritising news.
The London-based newspaper publisher said revenue declined 7.8% annually, led by a 14% decline in digital revenue, with print revenue contracting by 5.8%. Within print revenue, advertising revenue fell by 8.9% with circulation revenue down 3.3%.
Chief Executive Jim Mullen said: "This quarter we see continued evidence that our data driven strategy is working, supported by our resilient print business. Through this challenging period we have remained focused on the controllables. We are delivering our customer value strategy and have made progress diversifying our audience. We continue to review our cost base so that we can accelerate our digital transformation."
Looking ahead, Reach said: "We do not anticipate the market backdrop to change materially in the near term and as a result we remain focused on the areas within our control; improving customer engagement, diversifying revenues and driving efficiencies. Our plans to reduce full year operating costs by 5-6% remain on track."
Reach shares were 2.4% higher at 82.60 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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