Mirror owner Reach slumps to £107.6m loss after slashing value of its local newspapers
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The owner of The Daily Express and Daily Mirror newspapers has reported a £107.6m loss after slashing the value of its local newspapers, which include The Manchester Evening News and The Liverpool Echo. Reach’s revenues rose 10.6 per cent to £353.8m, helped by the acquisition of The Daily Express and Daily Star, but on a like-for-like basis sales slumped 7.2 per cent. Print publishing revenues fell more dramatically – 9.3 per cent down on the previous year – while digital revenues grew 6 per cent. The company is now free to push through further “synergy savings” which it estimates to amount to £20m per year after regulators approved the purchase of The Daily Express and Daily Star last month.
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