Nov 27, 2020

Reach reports surge in digital revenue but print sales plunge

The owner of the Daily Mirror and Daily Express newspapers has reported strong growth in digital revenues but a slump in print sales, with the pandemic adding stress to an already struggling industry. Digital revenue at Reach, which is also the UK's largest regional newspaper publisher, grew 16 per cent in the five months to November, ahead of analysts' expectations. Reach announced in July that it would cut 550 jobs, 12 per cent of its workforce, and close some regional offices. Mr Mullen said that the company was planning new technology that would track readers across its different titles, which include the Manchester Evening News and Liverpool Echo, and provide advertisers with "Enhanced data and insight that will support further digital revenue growth". Analysts at Numis said the acceleration of digital revenue growth was the most important detail in the company's trading update.

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