Reach (LSE:RCH), the UK and Ireland's largest commercial news publisher, owner of the Mirror and Express among other publications, told investors that group revenue fell 14.1% in the third quarter to 30 September, a sharper decline than the 10.8% drop reported for the nine months of the year to date.
Digital revenue dropped 20.3% in the quarter, with indirect revenue, advertising generated on social platforms and programmatically on owned sites, down 29.7% as lower on-platform audiences continued to weigh on the business. The company said this was partially offset by improved off-platform revenue growth, including AI licensing supported by a recently secured agreement with a major tech platform.
Print revenue fell 12% in the quarter, with circulation volumes in line with the second quarter, though print advertising was boosted by the FIFA World Cup.
Reach launched a restructuring of the group during the period and now expects full-year operational cost savings to exceed the 10% delivered across the first half. Total cash restructuring costs for the year, including those tied to print site closures, are estimated at £35m to £40m.
"We are making strategic progress in an evolving digital landscape with a focus on original content, distinctive brands, and revenue diversification," said chief executive Piers North, adding that the group will maintain strict financial discipline until pension deficit payments end in 2028.
Reach said it maintains a cautious outlook for digital revenues and remains on track to deliver in line with market expectations for the full year, with consensus compiled by the company putting adjusted operating profit at £95.1m.
The group will report full-year results on Tuesday, 2 March 2027.