(Alliance News)- London-based newspaper publisher Reach PLC on Thursday reported a fall in revenue following Russia's invasion of Ukraine.
For the four month period to April 24, revenue fell 0.9% from the same time last year.
The Mirror publisher explained that the market has experienced reduced advertiser demand in the last two months, with the war in Ukraine affecting content for news publishers.
Looking ahead, it still expects broadly flat revenue for the year, though with a higher mix of circulation revenue and lower digital revenue contribution than previously expected as a result of more challenging trading conditions.
Reach Chief Executive Officer Jim Mullen said: "We're developing a more sustainable and profitable long-term future for the business, with delivery of the strategy progressing well, despite a more challenging economic backdrop.
"We've taken swift action to address the impact of inflation on our cost base and the business remains strongly cash generative, supporting the investment in data and technology that is key to future growth."
Reach's shares were down 21% at 126.20 pence each on Thursday in London.
By Xindi Wei; xindiwei@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Reach Plc (RCH)