Cost cutting enabled Daily Record and Daily Express owner Reach to post a rise in adjusted operating profit, though revenue fell across the business and impairment charges saw it slump to a £160.1 million statutory operating loss.
Reach took a £222.8m non-cash impairment charge in the year to the end of December, hitting its statutory figures.
Adjusted operating profit increased by 2.4% to £104.7m while revenue fell by 3.7% to £518.4m, with print revenue down 4.6% to £388.1m and digital revenue down 0.9% to £128.9m, impacted by reduced Google referral volumes.
The company reduced adjusted operating costs by 5.2%, exceeding its target, and maintained its total dividend at 7.34 pence per share, while net debt stood at £34.9m.
Reach said it is on track to deliver market expectations for 2026, anticipating a further 5-6% reduction in adjusted operating costs. Post-period it announced the closure of print facilities in Glasgow and Watford.
Chief executive Piers North said: “We are pleased to have increased our adjusted operating profit to £104.7m, driven by decisive action on costs as we move forward with a leaner and more strategic structure. In a year marked by disruption in the search and referral landscape, we have demonstrated our resilience with a strong financial performance.”
“We have set a clear direction for the company through three strategic priorities, and we are already executing them at speed, with six digital subscription launches so far and a strong uptick in video output. By leveraging our deep understanding of our communities and continuing to move with our audiences, we are building a more sustainable future for our content and our business as a whole.”
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