Media giant Reach plc says it has seen unprecedented demand for news across its digital titles during the coronavirus pandemic even as the advertising market remains challenging.
Reach owns titles from the Mirror and the Express to leading regional brands including the Manchester Evening News, Wales Online and BusinessLive.
In an update to the stock market today ahead of its annual general meeting, Reach said revenue for the first four months of the year was down 13.1%, with digital revenue growing by 4.7% and print revenue down 15.8%.
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The group said 2020 had started well but that the coronavirus had hit the business from mid-March, with falls in print advertising revenue and impacts from cancelled events as well as falls in circulation.
Reach also introduced cost-saving measures, including pay reductions, some furloughing of staff and the suspensions of all 2020 bonus schemes, as well as the cancellation of the 2019 final dividend.
But the company said demand for its online services remained strong, adding: “We have seen unprecedented demand for news and content across our digital titles”.
April saw total page views of 1.7 billion - 57% up on last year - while average daily app users rose by 47% to 674,000, and hyperlocal news platform InYourArea surpassed 650,000 registered users
Offering outlook for the financial year, Reach said: “While revenue performance for the year is expected to be significantly impacted by the COVID-19 crisis, the cost mitigation measures introduced will partially protect profitability levels and cash generation.”
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It added: “We came into this crisis with a robust financial position and continue to run an efficient business.”
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Jim Mullen, Reach plc chief executive, said: "Our priority in this crisis has been to ensure the health and safety of our colleagues and I would like to thank all of them for the positive way they have responded throughout this process.
"Our teams continue to focus on producing the award-winning journalism and content that is so valued by our customers at this critical time. We continue to build on our position as the 海角视频's largest commercial national and regional news publisher.
"Our strategy is now even more relevant than before the crisis so we are accelerating plans to drive digital engagement and capture the customer insight and data that is so key. This will ensure a strong and sustainable future for Reach's trusted news brands."