**Summary of Reach PLCs Annual Results for the Year Ended 31 December 2025**
Reach PLC, the UK and Irelands largest commercial news publisher, reported its full-year results for 2025, highlighting resilience and strategic progress in a challenging media landscape.
**Financial Performance**
**Revenue** Declined by 3.7% to £518.4 million, with print revenue down 4.6% to £388.1 million and digital revenue slightly down by 0.9% to £128.9 million, despite an 8% drop in on-platform page views due to lower Google referral volumes.
**Adjusted Operating Profit** Increased by 2.4% to £104.7 million, with a margin improvement to 20.2%, driven by cost-cutting measures and operational efficiency.
**Statutory Operating Loss** £160.1 million, primarily due to a £222.8 million non-cash impairment charge.
**Earnings per Share** Adjusted EPS rose by 5.9% to 26.8 pence, while statutory EPS showed a loss of 41.9 pence.
**Net Debt** Increased to £34.9 million, with strong cash generation and a 99% operating cash conversion rate.
**Strategic Highlights**
**Digital Subscriptions** Launched six digital subscription services, targeting over 75,000 subscribers in 2026.
**Video Content** Increased video production with over 100 new specialist roles, leading to a 20% rise in off-platform page views and 21% increase in social referrals.
**AI Integration** Enhanced AI usage across operations, including editorial tools and Google Gemini, with over 40% of employees actively using AI.
**Revenue Diversification** Launched digital subscriptions, grew ecommerce, and increased video commercialization, with diversified revenues up 4.5% year-on-year.
**Operational Changes**
**Print Closures** Announced closure of two print sites (Saltire and Watford) to reduce costs and operational risks, with estimated cash costs of £25 million.
**Pension Contributions** Reduced future pension contributions by £8.6 million due to a "buy-in" insurance policy for the Trinity Retirement Benefit Scheme.
**Outlook for 2026**
**Cost Reduction** Aiming for a 5-6% reduction in adjusted operating costs.
**Digital Focus** Continued emphasis on video expansion and subscription roll-out to build a sustainable digital business.
**Market Expectations** On track to meet market expectations for the full year, despite a cautious approach to digital performance due to lower referral volumes and macroeconomic challenges.
**Key Risks and Mitigation**
**Macroeconomic Environment** Stable, with ongoing efforts to manage inflation and interest rates.
**Digital Audience Decline** Increasing risk due to platform changes and competition, mitigated by diversifying revenues and improving user experience.
**Cyber Attacks** Stable net risk despite increased threats, with continuous investment in cyber-resilience.
**Supply Chain Disruption** Stable, with ongoing monitoring of key suppliers.
Reach PLC remains focused on executing its strategic priorities, leveraging its scale and community understanding to navigate industry challenges and drive sustainable growth.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue (£m) | 518.4 | 538.6 | (3.7%) |
| Adjusted Operating Profit (£m) | 104.7 | 102.3 | 2.4% |
| Operating Profit/Loss (£m) | (160.1) | 74.2 | (315.8%) |
| Earnings/Loss per Share (Pence) | 26.8 | 25.3 | 5.9% |
| Net Debt (£m) | (34.9) | (14.2) | (145.8%) |
| Digital Revenue (£m) | 128.9 | 130.0 | (0.9%) |
| Print Revenue (£m) | 388.1 | 406.7 | (4.6%) |
| Adjusted Operating Costs (£m) | (416.4) | (439.1) | (5.2%) |
| Adjusted Operating Margin (%) | 20.2% | 19.0% | 1.2% |
| Adjusted Operating Cash Flow (£m) | 103.5 | 107.3 | (3.5%) |