REACH PLC - Half Year Results

Reach PLC’s H1 2026 investor update highlights a resilient financial performance despite significant disruption across the digital publishing landscape. Revenue declined 9% to £233 million as online referral traffic fell 40%, yet the group delivered adjusted operating profit of £43 million, an improved operating margin of 18.5% and strong cash conversion of 113%, reflecting disciplined cost management and operational efficiency. Digital strategy continues to evolve through investment in AI-powered publishing tools, the Launchpad content management platform, video content and subscription growth, with more than 45,000 digital subscribers and a target of 75,000 by year-end. Reach is also diversifying revenue streams through licensing agreements with AI companies, premium subscriptions, partnerships and expanding video advertising, while maintaining its focus on original content and audience engagement across social platforms. Management remains confident of meeting full-year market expectations, supported by ongoing cost reductions, print rationalisation, strong cash generation and a clear long-term growth strategy centred on technology, diversified digital revenue and sustainable shareholder value creation.