Shares in Reach PLC (LSE:RCH), the owner of daily newspapers including the Mirror, Express and swathes of regional clickbait websites, were catapulted 24% higher to 89.4p after a mixed trading update.
On the plus side, the last few months of 2024 were reported to be stronger than the market was expecting but this was soured somewhat by the revelation that a £5 million black hole has been discovered in a pension scheme.
The news publisher said a "historical error" has been discovered in the West Ferry Printers Pension Scheme, which it took responsibility for as part of the acquisition of the Express and associated newspapers in 2018.
Accountants came upon the shortage as part of the due diligence to prepare the scheme for buy-out, which Reach estimates will require £5 million of extra funding, which it expects to pay this year.
All the group's other schemes have been scanned for the same error but it said "We have not identified any material items".
Otherwise, following trading described as "strong" in the final quarter of last year, Reach said, "We expect to deliver results ahead of current market expectations for the full year".
Financial analysts in the City on average had forecast a 2024 adjusted operating profit of £97.8 million.
A bank refinancing has also been completed, comprising a £145 million revolving credit facility.