Mirror owner warns over Brexit as it makes £200m writedown

Simon Fox, the chief executive, said the write-down reflected the difficulties in generating advertising revenues locally and Brexit uncertainty. He said: “If there is a no deal there is a chance we could see a downturn in advertising.” Reach has prepared for Brexit by increasing stockpiles of newsprint imported from Norway and Canada, he said. The company said while average monthly page views for its websites grew by 6% to more than 1bn last year, digital advertising revenues had been hit by “algorithm changes made by Facebook and Google early in 2018”, which reduced the amount of Reach content being distributed via these platforms.