Daily Mirror and Daily Express owner Reach PLC (LSE:RCH) saw its share price drop 30% after it warned on Wednesday that its annual operating profit would come in below market expectations.
The newspaper publisher is struggling with lower-than-expected fourth-quarter revenue due to weak digital and print advertising.
Reach announced that operating profit for full-year 2022 would come in below analysts' forecast by mid-single digits percentage.
At 8.30am, the shares were off 32.5p at 77.25p, valuing the business at £248mln.
In the last year, the group has lost over 70% of its value as business conditions for newspaper groups, which rely heavily on advertising, deteriorated.
Of the five analysts logged as covering Reach stock, four are ‘buyers’. The consensus price target is 230p.