The publishers of the Gloucester Citizen and Gloucestershire Echo reported a pre-tax loss of more than £100 million last year.

Reach PLC, who also own the Daily Mirror and a huge portfolio of regional newspapers, recorded a non-cash impairment charge of £200 million, leading to a statutory loss of £119.9million for the year.

In a report released today, the group confirmed that the charge was made against "the carrying value of goodwill, publishing rights and titles and freehold buildings."

The report also stated "This reflects the more challenging than expected trading environment for advertising revenue generated locally and the short term uncertainty arising from the UK's exit from the European Union."

Revenue was boosted by 16.2 per cent to £723.9million and adjusted operating profit was ahead of market expectations with a rise of 16.8 per cent to £145.6 million.

That revenue was boosted by the acquisition of the Daily Express and Daily Star from Northern and Shell last year.

However, on a like-for-like basis Reach's revenue fell by 6.6 per cent (£59million) with publishing revenue down 6.9 per cent and publishing print revenue down 8.7 per cent.

Digital revenue grew by 5.3 per cent with publishing digital revenue at £103.6 million, including £17.4 million from the addition of the Express and Star.

In the management report released today the company said that a "The Group had delivered strong performance in 2018" but added that further cost savings will be made.

The report said: "We delivered structural cost savings of £20 million, £5million ahead of our original target of £15million.

"We expect further structural cost savings of £10 million in 2019 and incremental synergy cost savings of £12million (annualised £15million from integrating Express and Star."

"We remain on track to deliver at least £20million of annualised synergy cost savings by 2020."

The Citizen and Gloucestershire Echo went weekly in 2017 due to the falling demand for print products.

The most recent Audit Bureau of Circulation sales figures have the Citizen selling 9,611 copies and the Echo 9,543.

The operation is now focused at producing content for gloucestershirelive.co.uk, one of 200 news brands operated by the Reach group.

Gloucestershirelive.co.uk is based in offices at Gloucester Quays having moved to the city from its previous base in St James' Square Cheltenham in December 2017.

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