LONDON (ShareCast) - (Sharecast News) - Daily Mirror owner Reach said first-half profits more than halved although third quarter digital advertising had shown a strong recovery.
The company on Monday said pre-tax profit fell to £25.2m from £58.2m a year ago as revenue slumped 18% to £290.8m Statutory operating profits fell to £28.9m against £63.7m.

Reach added that it was recommending bonus issue to shareholders with a value equivalent to an interim dividend of 2.63p a share. It also planned to award staff shares up to a value of £400 and launch a sharesave scheme from 2021 "in recognition of their contribution and achievements during a challenging year".

Third quarter revenue fell 15% year on year compared to a 27.5% drop in the second. The digital business grew 12.9% against a second quarter decline of 14.8%, benefiting from a strong recovery in digital advertising and increased customer engagement across all channels, Reach said.

Print declined by 19.9% in the third quarter, improving on the 29.5% decline in the previous three months, helped by gradual improvements in circulation revenue.

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