‘Mirror’ publisher predicts £133m profit
Reach, previously called Trinity Mirror, has been trying to cut costs
Reach bought the “Express” and “Star” in February and expects to save £3 million this year from integrating the deals, ahead of the £2 million it forecast in October. Photograph: Yui Mok/PA Wire
Reach, the publisher of the Daily Mirror, on Friday forecast full-year profit marginally ahead of market expectations, benefiting from its acquisition of Daily Express and the Star and higher publishing digital revenue.
Reach, previously called Trinity Mirror, has been trying to cut costs and take advantage of a better national print advertising environment to counter rising newsprint prices.
The company bought the Express and Star in February and expects to save £3 million in 2018 from integrating the deals, ahead of the £2 million it forecast in October. Reach said it was on track for at least £20 million of annual savings by 2020.
For 2018, the company said the market consensus range for adjusted profit-before-tax was £132.2-£133.9 million.
Revenue in the fourth quarter rose by 23 per cent, reflecting the £127 million Express and Star deal, Reach said.
The deal added the daily and Sunday editions of the Express and Star tabloids to Reach’s stable of more than 100 national and regional titles. – Reuters