Here is a summary of the trading update from Reach plc for the third quarter of 2024
Reach plc, the UKs and Irelands largest commercial news publisher, released its Q3 trading update, expressing confidence in delivering expectations for the full year. The company reported a 2.5% growth in digital revenue due to strong digital trading and improved yield, despite a 5% decline in page view volume. The Customer Value Strategy has led to higher data-driven revenues, now representing 46% of digital revenues. Print circulation revenues remain stable, with effective management of cover price increases and promotional activity. Print advertising revenue is also performing well, outperforming volume declines.
The company is monitoring the impact of tech platforms actions on referral volumes and expects further digital growth in Q4. Cost-saving measures are on track, with the company slightly ahead of its 5-6% target. The CEO, Jim Mullen, highlights the progress made with investments, including US expansion, website re-platforming, and the in-house ad tech platform, Mantis. Reach plc emphasizes its commitment to trusted news reporting, especially in the context of recent events in Southport and amid disinformation and social unrest.
The company provides additional notes for context, including the calculation of results for the 3-month period ending September 30, 2024, and market expectations for the full year. The update also includes contact information for enquiries and a brief overview of Reach plc and its brands.