The Reach PLC (LON: RCH) share price rose 3.99% after a trading update regarding its performance in the past three months to 24 September 2023, its fiscal third quarter. The company also provided a snapshot of its performance over the past nine months.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The company is one of the UK’s largest newspaper groups publishing papers, including the Daily Mirror, the Express, the Daily Star, Liverpool Echo and Manchester Evening News. The group boasts over 130 national and regional newspaper brands published in the UK and Ireland.
Reach Plc revealed that its digital revenue fell 13.7% for the three months to September compared to Q3 2022. Furthermore, the nine-month figures showed a 15.2% decline versus the 2022 figures. The company’s print revenue fell by 5.8% in Q3 2023, while the nine-month figure represented a 3.8% decline compared to last year’s figures.
The group’s advertising revenues fell 8.9% in Q3 2023 compared to Q3 2022, while the nine-month figures fell by 15.7% compared to last year. The company’s group revenues fell 7.8% in Q3 2023, while the nine-month figures showed a 6.6% drop.
Reach Plc noted that over the nine months, year-on-year page views declined by 21%, while data-driven revenue, which is higher value and more targeted, remains robust and now makes up a significant part of digital revenues at 42% compared to 24% in the 2019 fiscal year.
The company also unveiled plans to reduce its capital by £605.4 million, subject to shareholder and High Court approval. The company also issued an update on the MGN Pension scheme, which it had concluded the 2019 and 2022 triennial valuation for the MGN scheme.
Reach Plc’s CEO Jim Mullen said: “This quarter, we see continued evidence that our data-driven strategy is working, supported by our resilient print business. Through this challenging period, we have remained focused on the controllable. We are delivering our Customer Value Strategy and have made progress in diversifying our audience. We continue to review our cost base so that we can accelerate our digital transformation.”
Reach Plc share price.
The Reach Plc share price rose 3.99% to trade at 83.92p, from Monday’s closing price of 80.70p.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.