Reach, publisher of the Mirror, Express and Star newspapers, said it expects to make £3m in savings this year, £1m more than forecast, and will have paid down its debt by nearly a third (£26m) by the year’s end.

In a trading update today, the group said it remains “on track” to make at least £20m in annual savings by 2020.

It said it will have reduced its debts from £81m to £55m this year, helped by £5m from the sale of empty properties in Liverpool and Cardiff and “the continued strong cash generation of the business”.