Reach Plc said on Thursday its annual operating profit would come in above market expectations after the publisher of Britain’s Daily Mirror reported strong revenue growth from its digital business for the first four months of the year, Reuters reports
The company, whose titles also include the Daily Express and a stable of regional newspapers, said revenue from the digital business grew by 35 percent for the period ended April 25 and the number of registered customers increased to 6.2 million, putting the company on track to hit 10 million by the end of 2022.
However, total print revenue dropped by 10.4 percent and circulation fell by 7.9 percent as newspaper sales continued to slump.
Reach, which cut about 550 jobs last year after the pandemic hit circulation and advertising at its newspapers, said on a two-year growth rate basis, the company’s digital revenue increased by 41.3 percent, while print revenue declined by 24.3 percent.
“With digital now accounting for more of our advertising revenues than print and growing strongly, we are well placed to make further progress during 2021,” CEO Jim Mullen said in a statement.