Reach set to beat FY market expectations, shares spark.


Publishing company Reach said on Tuesday that its full-year performance was set to be ahead of current market expectations, as it cited strategic progress, the resilient performance of its print business and continued cost control.

Reach plc

Source: Sharecast

Market expectations are for full-year adjusted operating profit of £99.1m.

In a brief update for the year to the end of December, the company said digital revenues are expected to be 1% lower than the prior year’s £130m.

It said digital revenue in the fourth quarter was affected by the same factors as those outlined in the Q3 update, including a material reduction in Google referral volumes and continued macroeconomic weakness.

Chief executive Piers North said: "During the period we made significant strategic progress, notably launching digital subscriptions, expanding video output and growing our off-platform audiences.

"We look forward to the year ahead and thank our teams for their efforts in delivering this year's results."

Full-year results are due to be announced on 3 March.

At 0810 GMT, the shares were up 7.4% at 58.21p.


ISIN: GB0009039941
Exchange: London Stock Exchange
Sell:
45.00 p
Buy:
54.00 p
Change: -5.60 ( -9.91 %)
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