![\"Record](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2019\/07\/Record-and-Express.png\")
<\/figure>\nCost cutting enabled Daily Record<\/em> and Daily Express<\/em> owner Reach to post a rise in adjusted operating profit, though revenue fell across the business and impairment charges saw it slump to a \u00a3160.1 million statutory operating loss.<\/p>\n Reach took a \u00a3222.8m non-cash impairment charge in the year to the end of December, hitting its statutory figures.<\/p>\n Adjusted operating profit increased by 2.4% to \u00a3104.7m while revenue fell by 3.7% to \u00a3518.4m, with print revenue down 4.6% to \u00a3388.1m and digital revenue down 0.9% to \u00a3128.9m, impacted by reduced Google referral volumes. <\/p>\n The company reduced adjusted operating costs by 5.2%, exceeding its target, and maintained its total dividend at 7.34 pence per share, while net debt stood at \u00a334.9m. <\/p>\n Reach said it is on track to deliver market expectations for 2026, anticipating a further 5-6% reduction in adjusted operating costs. Post-period it announced the closure of print facilities in Glasgow and Watford.<\/p>\n Chief executive Piers North said: \u201cWe are pleased to have increased our adjusted operating profit to \u00a3104.7m, driven by decisive action on costs as we move forward with a leaner and more strategic structure. In a year marked by disruption in the search and referral landscape, we have demonstrated our resilience with a strong financial performance.\u201d<\/p>\n \u201cWe have set a clear direction for the company through three strategic priorities, and we are already executing them at speed, with six digital subscription launches so far and a strong uptick in video output. By leveraging our deep understanding of our communities and continuing to move with our audiences, we are building a more sustainable future for our content and our business as a whole.\u201d<\/p>\n \u2026 more follows<\/p>\n \t <\/div>\n