Daily Mirror-publisher Reach sees 2024 annual profit beating market view (updated)
20/01/2025 07:41
(Adds analysts' estimates in paragraph 2, funding for WFPP
scheme in paragraph 4)
Jan 20 (Reuters) - Reach Plc RCH.L , the publisher of
the Daily Mirror, said on Monday it estimates fiscal 2024
operating profit to beat market expectations, helped by a strong
fourth quarter.
Analysts on average see the adjusted operating profit for
the year ended Dec. 31, 2024, at 97.8 million pounds ($119.4
million), according to company-compiled estimates. The company
had reported a profit of 96.5 million pounds in fiscal 2023.
The publisher of Daily Express, a few regional titles and
associated websites had cut costs to improve its margins,
leading to a 23% jump in 2024's first-half operating profit.
The company also said it will provide an additional 5
million pound funding this year to the West Ferry Printers
Pension Scheme - inherited in the 2018 acquisition of Express
Newspapers - after finding a historical error related to the
scheme.
($1 = 0.8192 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Savio D'Souza and Sumana Nandy)
((abyjose.koilparambil@thomsonreuters.com))