StockMarketWire.com - Daily Mirror and Daily Express newspaper publisher Reach swung to a full-year profit after a continuing slide in sales was offset by cost cutting.

The company also said it was targeting a rise to 7m registered customers by the end of 2022, up from less than 1m at the end of 2019, as part of a strategy update.

Pre-tax profit for the year through December amounted to £120.9m, swinging from a loss of £119.9m on-year that included large asset writedowns.

Revenue fell 3% to £702.5m and on a like-for-like basis fell 5.3%, though adjusted profit rose 6.1% to £150.6m owing to 'significant cost efficiencies'.

Reach declared a full-year dividend of 6.55p per share, up 6.7% on-year.

Reach said it had continued to perform in line with management expectations since year end.

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