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Reach PLC - London-based newspaper publisher - Launches further cost-cutting measures for a 5% to 6% reduction in operating costs for 2024, as part of its ongoing planning process. Says that the programme will "strengthen" its position as a digital publisher and "mitigate against the backdrop of continuing inflationary pressures that we expect to impact 2024". The programme includes a workforce reduction by 450 roles. Reach explains that these savings "will allow the business to deliver on its long term plans, while continuing to invest to drive better customer value, develop online products and grow new audiences."
This comes after the company first announced a cost reduction programme in March, in which it said it was committed to reducing its costs for 2023 by 5% to 6%.
Current stock price: 77.70 pence, down 0.3% in London on Wednesday
12-month change: down 30%
By Sabrina Penty, Alliance News reporter
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