Trading Update
Reach plc reported a 6.9% decrease in group revenue for the first quarter of 2026 compared to the previous year, primarily driven by an 8.1% decline in digital revenue due to ongoing disruption in search and referral volumes, with indirect digital revenue falling 10.5%. Print revenue also saw a 6.6% decrease, impacted by a 12.8% drop in advertising revenue, though circulation revenue remained relatively stable. Despite these headwinds, the company is on track to deliver full-year market expectations, with an adjusted operating profit consensus of £95.9 million, by focusing on cost reductions and diversifying revenue streams through initiatives like premium subscriptions.
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Q1 YOY %
| Digital revenue 1 | (8.1) |
| - Direct revenue | (4.5) |
| - Indirect revenue | (10.5) |
| Print revenue | (6.6) |
| - Circulation revenue | (5.5) |
| - Advertising revenue | (12.8) |
| Group revenue | (6.9) |
Trading in Q126 was affected by the ongoing disruption in search and referral volumes, in a continuation of the trends we first reported on in July 2025. On-platform referral volumes, mainly from Google, were materially lower and reduced across the quarter, resulting in a 8.1% decline in digital revenue.
These ongoing headwinds reinforce the validity of our three priorities and we continue to execute our strategy and diversify revenues. Actions include growing off-platform audiences, expanding video content and successfully launching premium subscriptions which are now live across 11 sites. Print revenue decreased 6.6%, with circulation and advertising revenues remaining reliable, supported by a cover price increase and strong promotional activity.
Outlook
While on-platform audiences are showing signs of stabilisation, we continue to be cautious on digital revenues. We remain confident in delivering the reduction in operating costs, and are on track to deliver in line with market expectations for the full year.2
Piers North, Chief Executive
"We are undoubtedly in the middle of yet another big shift in the media world as the digital referral landscape continues to change, but we are navigating this uncertainty appropriately. We have the benefit of our scale and a portfolio of trusted brands, reaching 35m people every month and we continue to develop new revenue streams, in particular with our growing subscriptions business."
Notes:
1 Direct revenues: Advertising or commercial revenues that are generated from direct engagement with the advertiser, agency or consumer. Indirect revenues: Advertising or commercial revenues that are generated indirectly such as revenue on social platforms (off-platform) or programmatically on owned and operated websites (on-platform).
2 Market expectations compiled by the Company are an average of analyst published forecasts - consensus adjusted operating profit for FY26 £95.9m.
3 Reach plc half year results will be reported Wednesday 22 July 2026.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.