Reach Discovers £5M Pension Shortfall While Upgrading Profit Forecasts

The publisher of the Mirror and Express reports a pension scheme error but expects strong annual profits due to cost-cutting and digital growth.

Reach identified a £5 million shortfall in the West Ferry Printers Pension Scheme, inherited during its 2018 acquisition of Express Newspapers.
The company has reviewed other pension schemes and found no additional material issues related to the error.
Despite the pension charge, Reach anticipates exceeding 2024 profit forecasts, with analysts predicting up to £98.1 million in adjusted operating profit.
Shares in Reach surged by over 25% following the profit upgrade, marking one of its strongest trading days in over a decade.
Reach attributes its improved performance to cost-cutting measures, digital revenue growth, and operational restructuring, though print circulation continues to decline.