Reach PLC’s share price climbed on Monday morning when the publisher raised its financial guidance for the year just past, following a ‘strong’ fourth-quarter.

Shares in the London-based owner of the Daily Mirror and Express newspapers were up 25% to 90.16 pence each in London. They hit an intraday high of 93.50p.

Reach said adjusted operating profit in 2024 is estimated to be above market consensus of £97.8 million, an average of published forecasts compiled by Reach. This would be up 1.3% from underlying adjusted profit of £96.5 million in 2023.

Monday’s optimism was offset slightly by Reach reporting a £5 million funding gap, linked to its 2018 acquisition of Express Newspapers.

The acquisition included a legacy West Ferry Printers Pension Scheme. Preparations for the scheme’s buy-out revealed ‘a historical error’, hence the unexpected shortfall, which Reach expects to pay in 2025.

The company said further reviews showed no similar errors, and that the 2022 triennial pension valuations for other schemes remained unchanged.

Reach gave no specific numbers to illustrate last quarter’s trading pickup.

The publisher in October said third-quarter print revenue decline by 3.9% year-on-year, and total revenue fall by 2.5%. Digital revenue, however, was up 2.5% from the year prior, with Reach predicting further online growth.

Also in October, Reach said it was ‘tracking slightly ahead’ of the 5% to 6% cost reduction target set at the beginning of 2024.

The publisher’s full-year results are expected March 4.

Reach also said it had refinanced a £145 million loan, which matures in December 2028.

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