Reach plc report as follows:
Piers North, chief executive: "We are pleased to have increased our adjusted operating profit to £104.7m, driven by decisive action on costs as we move forward with a leaner and more strategic structure. In a year marked by disruption in the search and referral landscape, we have demonstrated our resilience with a strong financial performance.
“We have set a clear direction for the company through three strategic priorities, and we are already executing them at speed, with six digital subscription launches so far and a strong uptick in video output. By leveraging our deep understanding of our communities and continuing to move with our audiences, we are building a more sustainable future for our content and our business as a whole.”
2025 Highlights
- Revenue decreased 3.7% to £518.4m, with a 4.6% decline in Print revenue to £388.1m, (2024: £406.7m), which importantly outperformed volume trends.
- The digital performance proved resilient, with revenues of £128.9m (2024: £130.0m), despite materially lower Google referral volumes across the second half of the year, which meant that on-platform page views declined 8% year-on-year (“YOY”).
- Strong delivery against our three priorities, driving increased diversified revenues outside of our traditional ad-led model, with increased video production, growth in off-platform audiences, and social revenues.
- Adjusted operating costs reduced 5.2%, ahead of the 4-5% target, with the Group continuing to manage costs and improve efficiency.
- Adjusted operating profit increased by £2.4m to £104.7m, at an improved margin of 20.2% (2024: 19.0%).
- The company remained highly cash generative with adjusted operating cash flow of £103.5m (2024: £107.3m)(3), and maintained consistently strong operating cash conversion of 99% (2025: 105%) with closing net debt of £34.9m.
- Statutory operating loss of £160.1m driven by a £222.8m non-cash impairment charge (£182.6m net of deferred tax) (2024: nil).
- The total dividend is maintained at 7.34p.
- The next triennial valuation for our defined benefit schemes is in progress which is due to be completed by 31 March 2027. In 2025, the IAS 19 pension deficit has moved into a surplus of £6.9m.
To read the results in full click here.
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