Newspaper sales suffer

Record group Reach sees upturn after Covid hits sales

Record and Express

Reach: advertising suffered in the lockdown (pic: Terry Murden)

Daily Record and Express newspapers group Reach said profits fell in the first half but the company is currently performing “materially ahead of market expectations”.

Adjusted profit before tax came at £53.5 million for the six months to 28 June against £69.9m last time. Statutory profits more than halved from £58.2m to £25.2m.

It said the first half of the year had seen significant year on year declines in print sales of its national and regional print titles. 

“When COVID-19 was at its worst we saw around 80% of our regional advertisers withdraw from the market,” it said in an interim statement.

Total revenue for the first half was down by 17.5% to £290.8m with the positive start to the year offset by the COVID-19 impact from mid-March to the end of the first half.

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