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Going nowhere fast Please can we get someone in to lead the digital subscriptions and generate a new revenue source .Mullens time is up. Dec digital views weren't very promising. Go now.
Exactly, for MGN scheme alone last we heard deficit very much still exists and will not be cleared until 2028. There are 6 legacy schemes in total, at least one other (EN88) also in deficit as at last year's report. The last time we had an update on all schemes they gave projected date for deficits being collectively cleared as 2029.
Either they've preformed a miraculous turnaround and not informed the market or Press Gazette are wrong.
From Q3 UPDATE.
The MGN Pension scheme resolution
We are pleased to report that we have now concluded the 2019 triennial valuation for the MGN scheme,
and at the same time concluded its 2022 triennial valuation. The funding valuation of the MGN scheme at
31 December 2022 showed a deficit of £219.0m. This deficit is expected to be removed via a schedule of
contributions that includes annual payments of £46.0m pa from January 2023 until January 2028. The
previous schedule of contributions for the MGN scheme included payments of £40.9m pa from 2023 to
20273
. Discussions are ongoing with the Group’s other schemes in relation to the 2022 triennial valuations
and are expected to be concluded satisfactorily by the 31 March 2024 due date.
The pension deficit being cleared would be major news, if true why haven't they shared that information by RNS? I see also Mirror editor steps down, apparently shareholders don't need to know this either https://www.bbc.co.uk/news/entertainment-arts-67982234
Reach chief executive Jim Mullen has told staff there are currently no plans for further cuts this year after a difficult 2023 at the publisher.
He also said the end of the company’s longstanding pension fund deficit and a time limit on legal claims established by the Prince Harry privacy trial judgment were both good news for the business.
In an all-staff email on Tuesday afternoon, Mullen said the more than 700 job cuts that have taken place over the past year have left the business “structured for our digitally-led future”.
He also explained why page views are still key despite other publishers increasingly putting more emphasis on subscriptions and other engagement-focused metrics amid falling search and social referrals.
And there it is the bottom , mullen must go now no ifs or buts he's not the guy to lead us forward. wouldnt be surprised if we were to get a buyer takeover . Onwards and Upwards from this point
I thought there was supposed to be a trading statement today?
JM has to go , we someone in with a fresh outlook for the business to generate more profits . tired of seeing this SP so cheap ,. new ideas are required to drive the business forward more subscription deals should be introduced for readers and clickers
Good start to the ascend!
SP is likely to spike next week given vast reserve already set aside for these claims.
Must be, when you look at their accounts they've set aside pretty huge sums to cover hacking. Helps the award given today low at £140,600, so legal costs will make up vast majority of expense.
It's not ideal having a judge rule hacking took place, but the key thing imo is that with award being low will now encourage others to settle.
Priced in?!
Court ruling today
And that is Mullen has been ejected from his role .
He treats RCH like a Labour run council, he can cut as much as he likes , but has no idea how to increase profits from different streams . He has to go and get someone in to kick start this media giant
He treats RCH like a labour council, keep cutting back but no idea how to generate more income . He has to go no more bonus until he return this sp to 300.00 he need to focus or go back to the bookies
From what I can gather, he's implementing cost cutting savings? The company is still forecast to make around £95m operating profit this year. I've added a few shares at this level, looks cheap though not sure what will re-rate them, though increasing turnover/profitability would help at operational level rather than always cost cutting which can't go on forever. Bit of a punt as a takeover is possible also.
How much longer do we have keep the this CEO in post surely the end is neigh.He can't build any strength in the SP and he just sacks people under his stewardship. Mullen must go and we need some one in who n
Knows the business of media not gambling
In a significant development for Reach, the company received court sanction today for its financial restructuring plan. The Insolvency and Companies Court, presided over by Judge Sally Barber in an online session, approved the cancellation of the company's share premium account, a move designed to enhance shareholder distributions and fulfill commitments to pension trustees.
This court approval marks a pivotal step in Reach's strategy to navigate through a challenging economic environment marked by rising operational costs. Earlier in November, the media firm announced intentions to reduce its workforce by approximately 450 positions. This decision is part of a broader cost-cutting initiative aimed at reducing annual operating expenses by up to 6%, with a particular emphasis on bolstering its online presence.
The need for restructuring became evident following the release of Reach's half-year financial results in July. The company reported a sharp decline in underlying operating profits, which stood at £36.1 million, a 23.5% decrease. This downturn was attributed mainly to changes in Facebook (NASDAQ:META)'s news feed algorithm that adversely impacted digital sales. Statutory pre-tax profits also saw a steep fall from £32 million to £6.7 million compared to the same period the previous year.
The court's decision today is expected to provide Reach with greater financial flexibility as it continues to implement its strategic plans, including the expansion of its digital operations and streamlining of its workforce to align with shifting market demands.
Wish they could get on with the verdict regarding the court case. I'm Sure once it has been resolved there will be a positive rise in share price.
Sounds like just some accounting shuffling of numbers from what I can see searching accountancy online.
The more important thing is current trading holding up in the years ahead. Share price seems weak again and hoping it's just general market blues setting in.
Had an email from my broker today about an EGM, for which the only proposal is THAT THE BALANCE STANDING TO THE CREDIT OF THE SHARE PREMIUM ACCOUNT OF THE COMPANY BE CANCELLED.
Seems this may be the capital reduction but I don't understand what this means either! Can anyone explain please?
Compensation/awards judgement yet to come for Harry's claim against hacking?
Nervous market anyway so price has been volatile like many others.
Fair sized drok today on no visible news. Anyone know why?
In the last half year report the overall reported deficit had decreased, expectation is that overall trend will accelerate. The MGN scheme by far the biggest remaining overhang, the last triennial valuation probably came a bit too early in rate cycle for them to significantly make headway yet, but way bond market is going next time they'll arguably have decent upper hand in negotiations with trustees.