Reach revenue down £600.2m
Reach PLC (LON:RCH) has announced a 14.6% fall in revenue to £600.2m for the year.
Revenue from the media organisation’s digital operations rose by 10.6%, while print fell 18.9%.
The group – which operates the Daily Mirror along with a host of other publications – put its performance down to the impact of the coronavirus pandemic.
Reach’s adjusted operating profit was also down by 12.8% to £133.8m.
Reach’s final dividend will remain the same from 2019 at 4.26p per share. At early morning trading on Monday, Reach’s share price is down by 1.05% to 236p.
Commenting on the results and the year ahead, chief executive Jim Mullen said:
“A radical reorganisation of our business model not only makes us more efficient, it also enables our changing culture, which is evolving to support a growth led agenda.”
“We have delivered our strategic milestones ahead of our original expectations and will now increase investment to accelerate delivery, focusing on the use of enhanced customer insight to drive engagement and our medium-term objective of doubling digital revenues,” Mullen added.
“Resilience in print circulation is the foundation for the strong cash generation which underpins strategic investment, our pension commitments and growing returns to shareholders.”
“While macro-economic uncertainty resulting from Covid-19 clearly remains, the group is well placed to make good progress during 2021 and to generate increased long term value as the strategy gathers momentum.”
Last July, Reach announced it would cut its staff by 550, more than 10% of its workforce.