StockMarketWire.com - 'Daily Mirror' newspaper publisher Reach swung to an annual loss after it booked large one-off pension charges and like-for-like revenue slid.

Pre-tax losses for the year through December amounted to £119.9m, compared to profits of £81.9m on-year.

The loss included the impact of a £200m non-cash impairment charge and additional charge of £15.8m relating to a recent guaranteed minimum pension equalisation ruling.

Revenue rose 16% to £723.9m, owing to the acquisition of Express & Star. On a like-for-like basis, revenue fell 6.6%.

Adjusted operating profit rose 17% to £145.6m, which the company said was ahead of market expectations.

Reach declared a final dividend of 3.77p per share, up 6.2% on-year.

'I am pleased with the performance we have delivered in 2018 and encouraged by the stronger finish to the year,' said chief executive Simon Fox said.

'We have begun 2019 in a strong financial position with good momentum on the integration of Express & Star and with clear plans for digital growth.'


At 4:10pm: [LON:RCH] Reach Plc share price was +2.1p at 59.65p



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