Reach, the publisher of the Daily Mirror and Express, has exceeded annual profit expectations as its cost-cutting strategies begin to yield results.

The company reported a 6% increase in operating profit, reaching £102.3 million, surpassing analysts' projections of £97.4 million. Despite a 5.3% decline in revenue to £538.6 million, earnings per share surged 16% to 25.3p.

Print revenue continued its downward trend, falling 7.3% year-on-year, but digital revenue showed a 2.1% rise, reaching £130 million.

Chief Executive Jim Mullen emphasized the company’s ability to manage its print business effectively while keeping a sharp focus on cost efficiency. "We continue to demonstrate expert management of our print business, maximizing revenue and reader value," he stated.

Mullen highlighted Reach’s adaptability to the evolving media landscape, noting the introduction of a content hub and expanded video capabilities. He added, “Our audiences have responded positively, demonstrating support for our offer and the value of free-to-access, advertising-funded journalism. We are well placed for 2025.”

However, the company has faced backlash from staff over job cuts in recent years. Nearly 800 roles were axed two years ago, marking one of the most significant job reductions in the newspaper industry in decades. Mullen also faced criticism for reneging on a promise not to cut more jobs the following year.

Despite internal tensions, Reach’s cost-cutting strategy has driven a 45% rise in its share price over the past 12 months. Investors will receive a dividend payout of 7.34p, consistent with last year. Photo by Daily Mirror, Wikimedia commons.