Reach shines after slight beat in profit
05/03/2024 09:52
** Britain's Reach RCH.L shares up 15% at 68.5p
** Daily Mirror and Daily Express publisher's annual profit
slightly beat expectations even as it posted a 9% drop after
Facebook and other platforms referred less traffic to news sites
** Posts adjusted operating profit to 96.5 million pounds
(about $122 million) vs average analysts expectations of 95.3
million pounds, according to a company complied consensus
** Adds sector-wide decline in referral traffic will impact
Q1 2024, but expects growing momentum across its digital
business thereafter
** On track to deliver a reduction in FY operating costs of
5%-6% for 2024
** As of last close, stock down ~34% in the last twelve
months
($1 = 0.7886 pounds)
(Reporting by Radhika Anilkumar in Bengaluru)
((Radhika.Anilkumar@thomsonreuters.com;))