Reach Plc Reports Profit Surge

a { color: #880000 !important; background: #ffeeee !important; } Reach Plc Reports Profit SurgeFinance > BusinessReach Plc, publisher of the Daily Mirror and Daily Express, reported a 23% rise in operating profits to £44.5 million in the first half of 2024, despite a decline in print circulation and advertising. The company attributed its success to cost-cutting measures and a news-heavy year, including the UK election and Taylor Swift's tour.

What's happened

Reach Plc, publisher of the Daily Mirror and Daily Express, reported a 23% rise in operating profits to £44.5 million in the first half of 2024, despite a decline in print circulation and advertising. The company attributed its success to cost-cutting measures and a news-heavy year, including the UK election and Taylor Swift's tour.

Why it matters

What the papers say

According to The Guardian, Reach's recent performance is attributed to a combination of key events, including the UK general election and Taylor Swift's tour, which boosted advertising revenue. Chief Executive Jim Mullen noted, 'We continue to build a stronger, more resilient business.' Meanwhile, The Independent highlighted the challenges posed by declining page views due to tech platform changes, stating that Reach's digital strategy has faced setbacks. Sky News reported that despite a 25% drop in digital page views, the company is optimistic about stabilizing the digital advertising market. This contrast in perspectives underscores the complexities of the media landscape as Reach navigates both opportunities and challenges.

How we got here

Reach Plc has faced significant challenges in recent years, including declining print readership and advertising revenues. In response, the company implemented substantial job cuts and restructuring in 2023, aiming to stabilize its financial performance amidst a tough media landscape.

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