The quarter 3 revenue was hit by Queen Elizabeth II’s death as reach CFO Simon Fuller stepped down.
The death of Queen Elizabeth II in September had a negative impact on revenue for the third quarter, according to to Reach PLC’s Tuesday announcement that Chief Financial Officer Simon Fuller will step down from his position on December 31.
According to the UK media company, Darren Fisher will take over for Mr. Fuller. Fisher comes from ITV PLC, where he is the CFO of the Media & Entertainment division.
Reach stated that while group revenue for the third quarter decreased by 1.9%, digital revenue increased by 1.1% year over year. According to the company, although the Queen’s death increased the circulation of news media, advertising significantly decreased due to a blackout during the mourning period.
However, despite the unusual circumstances in September affecting revenue and profit, the company stated that underlying revenue trends in the third quarter were broadly in line with expectations heading into the fourth quarter, which is its strongest advertising period.
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According to the company, “We expect circulation revenue to be supported by increased cover prices,” while “seasonally stronger yields, particularly around Black Friday and Christmas and from the football World Cup that starts in November” should help “support advertising revenue.”