Shares in newspaper publisher Reach (LON:RCH) slumped on Monday morning, after reporting a hefty half-year loss amidst a more “challenging outlook”.
The publisher, who changed its name from Trinity Mirror recently, reported a £113 million pre-tax loss for the half year to 1st July, despite a 10.6 percent rise in group revenue. However this largely reflected the acquisition of two new titles, and revenue fell 7.2 percent on a like-for-like basis.
The group slashed the value of its regional publishing operations, with a £150 million charge reflected a “more challenging outlook” for those businesses. These include the Manchester Evening News, Daily Record and Liverpool Echo.
National newspapers also had a difficult six months, with circulation for the Daily Mirror down 13.9 percent, the Daily Star down 12.1 percent and fall for the Daily Star and a 9.3 percent slide for the Daily Express.
These are the first set of results since Reach completed its takeover of the Express and Star titles from Richard Desmond.
Shares in Reach are currently trading down 3.57 percent at 70.20 (9025GMT).
