Cost cuts help Daily Mirror publisher Reach increase profit
31/07/2024 07:25
LONDON, July 31 (Reuters) - Britain's Reach RCH.L , the
Daily Mirror and Daily Express publisher, reported a 23% rise in
first-half operating profit to 44.5 million pounds ($57.1
million) after cost cuts helped offset a double-digit decline in
print advertising revenue.
The company, however, said the European soccer championship
boosted advertising spend towards the end of the period, and
trading in July was in line with expectations.
Chief Executive Jim Mullen said digital growth returned in
the second quarter, bolstered by multi-platform content around
events including the general election, Taylor Swift's tour and
the soccer.
"Alongside our expertise in managing our print product, we
have traded our digital assets hard and delivered an operating
margin improvement," he said on Wednesday.
($1 = 0.7790 pounds)
(Reporting by Paul Sandle; editing by James Davey)
((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters
Messaging: paul.sandle.thomsonreuters.com@reuters.net))