Reach, the owner of the Daily Record, Sunday Mail, Mirror and Express titles, beat annual profit forecasts, underpinned by cost cutting.

Operating profit increased 6% to £102.3m, exceeding analysts’ forecasts of £97.4m.

However, print revenue continued to slide, falling 7.3% year-on-year, while but digital revenue returned to growth, up 2.1% to £130m.

“We continue to demonstrate expert management of our print business, maximising revenue and reader value, while maintaining our focus on costs across the business,” said chief executive Jim Mullen.

“The media landscape has continued to evolve, and the year saw us adapt our own proposition with the introduction of the content hub and increased video capability. 

He added: “Our audiences have responded positively, demonstrating support for our offer and for the value of free-to-access, advertising-funded journalism that informs, is reliable and gives them a voice. We are well placed for 2025.”

Shareholders will receive a pay-out of 7.34p, in line with last year.

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