BUSINESS LIVE: M&S profits soar 75%; Reach to cut 450 jobs; ITV suffers weaker studios demand

Owner of the Mirror newspaper Reach is set to slash 450 full-time jobs as part of a cost-cutting drive.

Reach said it expected to replicate its 2023 plan to achieve a 5 to 6 per cent reduction in annual operating costs, which ‘is on track to be delivered’, in the next financial year.

It told shareholders the move would ‘strengthen its position as a leading digital publisher and mitigate against the backdrop of continuing inflationary pressures’, while driving ‘better customer value’.

Jim Mullen, chief executive of Reach, said:

‘Our industry has a history of change and the future will undoubtedly involve yet more. That’s why it’s essential we set ourselves up to win, by making our operations suited to an increasingly fast-paced, competitive and customer-focused digital world.”

‘Hard work over the last few years means we have established ourselves as a leading digital publisher. But there’s more to do and today is about organising our business to deliver against that challenge.’

Marks & Spencer smashed profit forecasts in the third quarter with earnings before tax and nasties coming in more than 75 per cent higher at £360.2million, but the retail giant urged cation ahead amid the impact of high borrowing costs and a volatile geopolitical environment.

Analysts has expected the group to post a profit of £276million for the quarter, up from £205.5million made in the same period last year.

The 139-year old clothing and food group said its trading momentum had been maintained through October and it was planning for a good Christmas, with customers already responding positively to its ranges.

But it cautioned the economic outlook remained uncertain and flagged the impact on the consumer from the highest interest rates in 20 years, deflation, geopolitical events, and erratic weather.