Taylor Swift, football boost Daily Mirror publisher Reach (updated)
31/07/2024 12:45
(Adds CEO comments in paragraphs 4-7, shares in paragraph 8)
By Paul Sandle
LONDON, July 31 (Reuters) - Taylor Swift's Eras tour,
the European soccer championship and the UK election boosted
digital revenue for British news publisher Reach in its
second-quarter, reversing a decline in the first.
The publisher of the Daily Mirror, Daily Express and
regional titles and associated websites cut cost to improve its
margin by 3.9 points, resulting in a 23% rise in first-half
operating profit to 44.5 million pounds ($57.1 million).
Revenue fell 5.2% to 265 million pounds, reflecting
double-digit declines in print advertising in both the first and
second quarters. Digital revenue, however, rose 6.7% in the
second quarter after falling 8.5% in the first.
Chief Executive Jim Mullen said: "Alongside our expertise in
managing our print product, we have traded our digital assets
hard and delivered an operating margin improvement."
He said the group was delivering multi-platform journalism,
with 9 million people signed up to receive news direct to their
devices, including by WhatsApp.
"We had that three week burst with the Euros, the election
and the phenomenon that is Taylor Swift," he said on Wednesday.
"But also some of the traditional advertisers are going
through a purple patch, so food retail helped print, but it also
helped digital," he added.
Shares in the company rose 1.2% in morning deals.
($1 = 0.7790 pounds)
(Reporting by Paul Sandle; Editing by James Davey and Conor
Humphries)
((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters
Messaging: paul.sandle.thomsonreuters.com@reuters.net))