Reach on‑platform referrals remain 'materially lower' in Q1

(Sharecast News) - Publishing giant Reach said on Wednesday that first-quarter trading had been hit by continued disruption to search and referral volumes, extending trends first highlighted back in July 2025.

Reach said on‑platform referrals, mainly from Google, remained materially lower throughout the period, contributing to an 8.1% decline in digital revenue. Direct digital revenue fell 4.5%, while indirect revenue was down 10.5%.

The London-listed group stated print revenue fell 6.6% year‑on‑year, with circulation down 5.5% and print advertising 12.8% lower, though both were supported by cover‑price increases and promotional activity. Overall group revenues declined 6.9% year-on-year.

Looking ahead, Reach said on‑platform audiences were showing early signs of stabilising, but it remained cautious on the digital outlook. It reiterated confidence in its ability to deliver planned operating‑cost reductions and said it remained on track to meet full‑year market expectations.

Chief executive Piers North said: "We are undoubtedly in the middle of yet another big shift in the media world as the digital referral landscape continues to change, but we are navigating this uncertainty appropriately. We have the benefit of our scale and a portfolio of trusted brands, reaching 35m people every month and we continue to develop new revenue streams, in particular with our growing subscriptions business."

As of 0900 BST, Reach shares had slumped 8.16% to 521.89p.

Reporting by Iain Gilbert at Sharecast.com

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