Mirror owner hit by pension charge

DAILy Mirror publisher Reach has swung to a full-year loss after being stung by hefty pension and impairment charges.

The company posted a statutory pre-tax loss of £119.9m in 2018, which compares with a profit of £81.9m the previous year.

A Reach spokesman said: ‘ This reflects the more-challenging-than-expected trading environment for advertising revenue generated locally and the short-term uncertainty arising from the UK’s exit from the European Union.’

Print advertising revenue fell by 0.5pc. Revenue increased by 16.2pc to £723.9m in 2018, reflecting the acquisition of the Daily Express and other associate titles.

Reach also took a £15.8m hit relating to the recent Guaranteed Minimum Pension ruling, which requires firms to equalise pension payments for men and women.