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Daily Mirror owner warns of revenue hit as lockdown stifles circulation

Published 07/05/2020, 08:02
Updated 07/05/2020, 08:05
© Reuters.

(Reuters) - Daily Mirror-owner Reach Plc (L:RCH) on Thursday forecast a hit to its annual revenue as declines in newspaper circulation and ad sales failed to counter a boost from digital sales during Britain's lockdown to contain the coronavirus outbreak.

The company, which also owns Daily Star, Express and several other brands, said revenue in the four months to April 26 fell 13.1%, despite a 4.7% growth in digital sales. (https://reut.rs/3dpWhpG)

"While in some areas we have recently seen a stabilisation in trends, circulation remains significantly below pre-COVID-19 levels and advertising remains very challenging and uncertain, with regional advertising particularly impacted," Reach said.

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