Profits tumble at newspaper publisher Reach as print hit by Covid-19

The company’s physical newspaper sales have suffered, with print revenue down 18.9% due to the impact of Covid-19.

The publisher will pay out £9.3 million in severance to staff it made redundant last year. Picture: Andrew Matthews/PA

Newspaper publisher Reach revealed a collapse in its profit on Monday as the company was hit by a series of one-off costs.

The Daily Mirror and Daily Star owner said that its pre-tax profit had fallen from £120.9m (€140.4m) in 2019 to just £400,000 (€464,000) in 2020.