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(Sharecast News) - Newspaper publisher Reach said on Friday that full-year underlying operating profits for 2020 would be ahead of market expectations thanks to record digital revenues.
Reach expects underlying operating profits for 2020 to be in the range of £130-135m as digital revenue grew 24.9% in the fourth quarter.
Print circulation sales were down 11.7% in the final quarter of 2020, a slight improvement on the 12.6% decline in the third quarter, contributing to an improved total revenue decline in the three months ended 31 December of 10.2%, compared with the 14.8% decline in the prior period.
Chief executive Jim Mullen said: "It is a testament to our people that Reach has not only dealt with the unique challenges 2020 has presented, but we have accelerated our strategy and we are ahead of where we expected to be.
"The new Covid-19 restrictions bring macro-economic uncertainty, but the changes made in the business during 2020 to develop a new, more efficient operating model put us in a strong competitive position."
As of 0955 GMT, Reach shares had surged 25.0% to 219.50p.
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