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Reach PLC - London-based news publisher - Says revenue in the four months to April 23 was down 5.9%. Adds this is "broadly unchanged" from its year to date performance, highlighted in its annual results for the financial year that ended December 25, which was released in March. Digital revenue falls by 15% as page view slow-down continues "with recent changes to the way Facebook presents news content."
Looking ahead, Reach says financial 2023 adjusted operating profit expectations remain in line with market consensus of GBP95.3 million, within a range of GBP93.7 million to GBP96.5 million. This is down from GBP106.1 million in its financial 2022.
Chief Executive Officer Jim Mullen says: "External factors continue to impact digital revenue, delivery of the customer value strategy is driving a higher quality mix, underpinned by the strength of print. Our focus on data, means customers are receiving and responding more often to relevant content and a more engaging user experience. Our scale, US expansion, strategic delivery and strong balance sheet give us confidence for the future."
Current stock price: 82.25 pence, up 0.2%
12-month change: down 49%
By Sabrina Penty; Alliance News reporter
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