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(Alliance News) - Daily Mirror publisher Reach PLC on Monday said its earnings growth in its most recently ended financial year was boosted by a record increase in audience.
In addition, the newspaper, magazine and digital publisher updated its strategy, aiming to build an intelligent and relevant content business for the long term, ensuring a sustainable future for its trusted brands.
Reach said it is targeting having seven million registered customers by the end of 2022 versus less than a million at the end of 2019. Reach said it will announce its revenue target with the 2020 year end financial results.
Turning back to annual results, Reach reported pretax profit of GBP120.9 million for the 52-week period to December 29 compared to GBP119.9 million loss reported a year earlier amid non-repeat of a GBP200.0 million impairment charge.
Revenue meanwhile declined by 3.0% to GBP702.5 million from GBP723.9 million year-on-year. On a like-for-like basis revenue fell by 5.3%.
Reach declared a final dividend of 4.05 pence per share, an increase of 7.4%, giving a total dividend for the year of 6.55p per share, up 6.7% from 6.14p paid the year before.
"2019 was a year of good operational and solid financial progress with record growth in audience numbers, consistently good cash generation and a strong balance sheet. This, along with unparalleled scale, underpins our drive to build an intelligent, relevant and trusted content business for the long term whilst continuing to deliver for our stakeholders," said Chief Executive Jim Mullen.
Reach shares were trading 0.5% higher in London on Monday at 175.45p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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