The publishers of the Daily Mail and Daily Mirror newspapers both flagged expected financial hits from the coronavirus crisis today, saying advertising and other revenue would be weakened.
Daily Mail and General Trust suspended its full-year outlook as it pointed to likely damage to its events business and said 2020 performance would be worse than its existing forecasts.
Daily Mirror-owner Reach expects the pandemic to hurt its advertising, print circulation and events businesses because of lower traffic, adding that outlet closures and event delays or cancellations may be necessary.
It also said it expects advertising revenue deferrals.
The media company said it would only seek to give an outlook for the year in May.
Unlike several other UK companies, Reach said there was currently no change to its full-year dividend.
The owner of news website MailOnline said its events and exhibitions business, which accounted for 8% of the company's revenue last year, will be particularly hit if more exhibitions are postponed or cancelled.
But the hit to profit is expected to be partially offset by insurance coverage.
The FT reported this week that fellow publisher JPI Media is to temporarily stop printing a dozen of its newspaper titles as local and regional news groups suffer the consequences of the coronavirus outbreak, with a sharp decrease in advertising spending forcing them to make drastic cuts.
Yesterday, one of Ireland's biggest local newspaper groups said it was laying off dozens of workers due to the collapse of advertising income during the Covid-19 outbreak.
Journalists, photographers, advertising staff and other workers at the Iconic Newspapers Group are being let go for six weeks from the end of the month and some workers are being made redundant.
The group is owned and controlled by the British businessman Malcolm Denmark.
Among the titles affected are the Donegal Democrat, Kilkenny People, Leinster Leader, Leinster Express, Limerick Leader, Longford Leader, The Nationalist, Tipperary Star, Tullamore Tribune and the Midland Tribune.