Reach, publisher of Daily Mirror and Daily Express, reported a 9% drop in adjusted operating profit to £96.5m due to reduced traffic from Facebook and other platforms.

Reach, publisher of Daily Mirror and Daily Express, reported a 9% drop in adjusted operating profit to £96.5m due to reduced traffic from Facebook and other platforms. Print revenue declined 2%, partly offset by strong circulation. The company attributed the profit decline to changes in social media algorithms and a downturn in advertising. Reach expects to pay £20.2m less to phone hacking victims after a High Court ruling provided clarity on time limitations for claims.