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(Alliance News) - Daily Mirror publisher Reach PLC said Friday trading had been "steady" over the last five months and in line with expectations, as sales declines slowed on the year prior on strong digital growth.
For the five months ended Sunday, like-for-like revenue fell 4.4% on the year prior after Print revenues fell 7.3% and Digital revenues grew 14%.
The London-based newspaper and magazine company said the results were an improvement on like-for-like figures for the same period in 2018, when revenue fell by 6.6%. This had included a steeper 8.2% fall in Print revenue and less buoyant Digital growth of 9.3%.
"As previously anticipated, good progress has been made with a number of digital initiatives over the second half of the year," Reach said in a statement. "We continue to be encouraged by strong audience growth across our portfolio of national and regional sites."
The publisher said it remains confident it will meet its expectations for the year ending December 29.
Reach - formerly known as Trinity Mirror PLC - also confirmed it was no longer in discussions to buy local press assets such as the Yorkshire Post and The Scotsman from JPI Media Ltd. "Merger and acquisition opportunities which would accelerate the company's strategy will continue to be reviewed on a regular and disciplined basis," it said.
"We have made good financial and operational progress during the period, including an improved like-for-like revenue trend and a further reduction in net debt," Chief Executive Officer Jim Mullen said.
"The Reach brands continue to have real relevance at both a national and local level, as is demonstrated by our considerable audience growth," Mullen added. "We are working to complement our audience reach with a significant depth of customer insight and data that will allow us to build an intelligent, relevant and trusted content business for the long term."
Shares in Reach were 12% higher at 93.30 pence in London early Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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