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Finance

Daily Mirror-publisher Reach sees annual profit ahead of market view

Published by Global Banking and Finance Review

Posted on January 20, 2025

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(Reuters) -Reach Plc, the publisher of the Daily Mirror, said on Monday it estimates fiscal 2024 operating profit to beat market expectations, helped by a strong fourth quarter.

Analysts on average see the adjusted operating profit for the year ended Dec. 31, 2024, at 97.8 million pounds ($119.4 million), according to company-compiled estimates. The company had reported a profit of 96.5 million pounds in fiscal 2023.

The publisher of Daily Express, a few regional titles and associated websites had cut costs to improve its margins, leading to a 23% jump in 2024's first-half operating profit.

The company also said it will provide an additional 5 million pound funding this year to the West Ferry Printers Pension Scheme - inherited in the 2018 acquisition of Express Newspapers - after finding a historical error related to the scheme.

($1 = 0.8192 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D'Souza and Sumana Nandy)