Shares in Daily Mirror publisher Reach fell more than 5% in early London trade after the newspaper group warned that economic headwinds would persist into the current fiscal year.
The company, which also produces the hard-right Daily Express, said annual earnings fell 27% drop after surging inflation led to a £40m increase in operating costs and advertising demand fell.
On an adjusted basis operating profit for 2022 came in at £106.1m on revenue of £601.4m, down 2.3%.
“We expect uncertain macroeconomic conditions to persist during 2023 but, as shown during the pandemic, we are effective at managing them, with an action plan in place to help mitigate the current headwinds,” said chief executive Jim Mullen.
Reporting by Frank Prenesti for Sharecast.com
