Mirror and Express owner slumps to?113m loss" width="976" height="549">
The owner of the Mirror and Express newspapers has slumped to a They include the Manchester Evening News, Daily Record and Liverpool Echo.The results are the first since Reach completed its takeover of the Express and Star titles from Richard Desmond.The ?113.5m pre-tax loss for the 26 weeks to 1 July, compares with a profit of ?38.2m for the same period last year.
Group revenue rose by 10.6% to ?353.8m reflecting the acquisition of the Express and Star, but fell by 7.2% on a like-for-like basis. The fall partly reflected the company handing back two regional Metro titles to Daily Mail owner DMGT in the period.Sales of Reach's national newspapers plunged in the first half, with circulation for the Daily Mirror down 13.9%, a 12.1% fall for the Daily Star and a 9.3% slide for the Daily Express. The overall UK national tabloid newspaper market declined by 9.3% in the period.The Sunday Mirror was down 14.8%, the Sunday People fell 16.4%, with 8.3% and 9.2% declines for the Sunday Express and Star titles respectively.Simon Fox, chief executive, said Reach had delivered a positive performance in a "difficult trading environment"."The benefit of improved performance from national print advertising coupled with further cost mitigation will support profits over the year despite a further increase in newsprint prices for the second half," he said.Shares in Reach fell 2.5% in early trading to 71p, valuing the company at ?215m.
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