Daily Mirror publisher warns on profit and plans £30mn cost cuts
Reach’s shares plummet by a quarter in morning trading.
In a trading update the publisher of the Daily Mirror and Daily Express said digital and print advertising declined in the fourth quarter of last year, which included Black Friday and Christmas.
Reach expected operating profits for the year to December 25 to be below the market consensus by “mid single-digit” percentage points as a result.
Johnathan Barrett at Panmure Gordon noted the publisher’s registered customer base of 12.5mn UK consumers. “The backdrop is miserable, but management is keeping its focus on driving value”, he said.
Full article here: https://www.ft.com/content/0c6099e5-3e35-4622-aaf1-b66bada40cc2
Authors: Arjun Neil Alim (Reporter) and Robert Wright (Senior Policy Correspondent), Financial Times
Director, Research Analyst, Media & Digital