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Reach PLC - owner of Daily Mirror, Daily Star and Daily Express brands - Reports 2020 pretax profit of GBP400,000, down from GBP120.9 million in 2019. 2020 revenue down 15% to GBP600.2 million from GBP702.5 million the prior year. Says these decreases reflect the impact of Covid-19 on the industry. However, digital revenue in 2020 grew 11% to GBP118.3 million in spite of "significant" Covid-19 impact on second quarter advertising yields.
Declares final 2020 dividend per share of 4.26 pence, up sharply from 2.50p in the prior year, showing "confidence in sustainability of future cash flows."
"We have delivered our strategic milestones ahead of our original expectations and will now increase investment to accelerate delivery, focusing on the use of enhanced customer insight to drive engagement and our medium-term objective of doubling digital revenues. Resilience in print circulation is the foundation for the strong cash generation, which underpins strategic investment, our pension commitments and growing returns to shareholders. While macro-economic uncertainty resulting from Covid-19 clearly remains, the group is well placed to make good progress during 2021 and to generate increased long term value as the strategy gathers momentum," says Chief Executive Jim Mullen.
Current stock price: 236.00p
Year-to-date change: up 64%
By Zoe Wickens; zoewickens@alliancenews.com
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