LONDON (Reuters) -British news publisher Reach said an advertising blackout following the death of Queen Elizabeth in September more than offset a boost in circulation for commemorative editions of its Daily Mirror and Daily Express titles.
The ad hit was seen across both its print titles, which recorded a fall of 32% in September, having already suffered a 17% decline in July and August, and in its digital offer, which fell 8.1% in September.
It said print circulation revenue grew 2% in the quarter after recent cover price increases.
Circulation in September was up 4.3% following the Queen’s death on Sept.8, with the Express and Mirror growing aggregate volumes by around 30% on the days following her death and funeral, the company said on Tuesday.
Reach, which also publishes regional titles, said both the economic and political climate in Britain was volatile.
It said, however, that circulation revenue should be supported by increased cover prices, while advertising revenue should benefit from Black Friday, Christmas and the football World Cup which starts in November.
Shares in the company, which have fallen 77% in the last 12 months, were down 1.5% in early deals.
Reach also said on Tuesday its chief financial officer Simon Fuller would step down at the end of the year by mutual agreement, and would be replaced by ITV group director of finance Darren Fisher.
(Reporting by Paul Sandle, Editing by Kylie MacLellan)
