Reach shares (LON: RCH) shot up 20% on Monday as the publishing group announced plans to suspended its interim dividend.
The publisher of the Mirror and the Express had revenue fall 17.5% £290.8m in the six months to 28 June, compared to the £352.6m profit in the same period a year earlier.
Operating profit also fell from £71.3m to £54.9m.
Reach has suspended its interim dividend “due to Covid-19 uncertainty”.
“We have seen a strong recovery in the digital advertising market since the worst impacts of COVID-19 in April which has driven a return to healthy digital revenue growth since July, assisted by increased customer engagement and loyalty,” Jim Mullen, the group’s chief executive.
“Following the implementation of the major parts of the transformation programme, Reach now has a strong foundation to drive the next phase of the customer value strategy with increased efficiency and agility in our advertising and editorial operations,” he added.
Shares in Reach (LON: RCH) are trading +20.93% at 78,00 (0845GMT).
