23rd Nov 2021 13:50
(Alliance News) - Reach PLC on Tuesday reported that revenue was outpacing full-year expectations in the run up to the group's year end.
Between June 28 and November 21, the company generated revenue growth of 1.2% and saw 2.6% growth compared to the first half. In the same period print revenue fell 3.5% while digital revenue soared 17% higher.
Shares in the London-based owner of the Daily Mirror, Daily Star and Daily Express newspapers were 5.0% lower at 287.00 pence in London.
"Strategic delivery is transforming our prospects for growth and we're progressing towards our goal of doubling digital revenue over the medium term," commented Chief Executive Jim Mullen.
"Registration numbers are strong, and advertisers are responding to our expanded portfolio of data-led products. Together with our efficient operating model, this is enabling us to invest further in digital content as we build a modern and inclusive media business."
Reach said it had seen a more normalised pattern of year-on-year trading during the second half, following the relatively soft first half comparatives. Digital growth was driven by a recovery in digital advertising versus 2020.
The full year outlook for print has strengthened, driven predominantly by circulation which is on an improved two-year trajectory compared to the first half, the newspaper owner said, reflecting a combination of market recovery, strategic investment and promotions.
The most recent company compiled view of market expectations showed consensus revenue of GBP604.1 million and adjusted operating profit of GBP145.8 million for the year ending in December.
By Will Paige; [email protected]
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