Reach (RCH) Trading Update summary

Trading performance

• Digital revenue increased by 1.6% year-on-year, driven by a 9% rise in page views and strong programmatic advertising.

• Data-driven revenue accounted for 43% of digital revenues, though growth was softer due to a strong prior year and weaker local advertising.

• Print circulation revenue remained stable, with declines offset by cover price actions, specials, and promotions.

• Print advertising outperformed the decline in circulation volumes, showing resilience in the print segment.

• Group revenue declined by 3.7% year-on-year, with print revenue down 5.1% and advertising revenue down 12.5%.

Cost management and outlook

• Operating costs are expected to reduce by 4-5% for the year, in line with previous guidance.

• The business started 2025 in line with expectations and remains on track to meet full-year market forecasts.

• No immediate direct impacts from recent tariff announcements, but macroeconomic uncertainty is acknowledged.

• Analyst consensus for FY25 adjusted operating profit is £99.0m.

Strategic focus and leadership commentary

• Focus remains on delivering plans through impactful journalism and growing digital audiences.

• Leadership sees significant opportunity ahead by leveraging strong products and expanding global reach.

• The company is the UK's and Ireland's largest commercial news publisher, reaching 47 million people monthly.