11th Oct 2022 09:56
(Alliance News) - Reach PLC on Tuesday said third-quarter revenue declined, with its performance in September hurt by the death of Queen Elizabeth II.
Meanwhile, it announced the stepping down of Chief Financial Officer Simon Fuller, who will be replaced by Darren Fisher from ITV PLC.
The London-based newspaper publisher's revenue in the third quarter to September 25, 2022 fell 1.9% year-on-year.
Revenue had declined in 0.5% between July and August, but slid 4.1% in September alone.
The Daily Mirror owner said its September performance was "distorted by impact of the passing of HM The Queen".
The period benefited from increased newspaper circulation, but advertising revenue was reduced by blackouts for national mourning.
Print revenue was down 2.9% during the quarter, including advertising revenue declining by 23%. Digital revenue, however, was up 1.1%.
Chief Executive Jim Mullen said: "I am particularly proud of our teams who worked so tirelessly over recent weeks to produce such comprehensive, respectful, and sensitive coverage of the Queen's passing, a truly once in a generation event."
Looking ahead, Reach said it expects circulation revenue to be supported by increased cover prices, while advertising revenue should benefit from seasonally stronger yields, particularly around Black Friday and Christmas and from the football World Cup.
Separately, Reach said its Chief Financial Officer Simon Fuller will step down on December 31 and leave the company after a period of garden leave.
It said Fuller will move onto "new challenges". He will be replaced by Darren Fisher with the start date to be confirmed in due course.
Fisher will join from television network ITV where he was director of finance. He is also the CFO for ITV's Media & Entertainment division since 2020.
Shares were down 2.6% at 75.05 pence each on Tuesday morning in London.
By Xindi Wei; [email protected]
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