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Prices & Quotes - UK Markets - Reach (RCH)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 261.00p
Change Today:
-5.00p
Market Cap:
816.26m
Sector:
Media

Reach on track to beat FY profit target after solid start to 2021

By Abigail Townsend

Date: Thursday 06 May 2021

LONDON (ShareCast) - (Sharecast News) - Reach has strengthened its full-year guidance following a "positive" start to the year.
Updating on trading in the first four months of the year, the owner of the Mirror and Daily Express newspapers, along with a number of regional titles, said both digital and print revenue were performing "slightly ahead of our expectations".

Digital revenue grew 35.0%, while total print revenue was down 10.4% and circulation eased 7.9%. Group revenue was off 3.1%.

On a two-year comparison basis, to strip out the effects of the pandemic, digital revenue increased 41.3%, while print revenue was down 24.3%.

There was also continued growth in registrations, which now stand at 6.2m compared to 5.8m at the beginning of March. Reach is targeting 10m registrations by the end of 2022.

Looking to the full year, Reach said: "Although headline revenue growth is currently flattered by a soft prior year comparative, underlying momentum has been encouraging.

"The business is continuing to benefit from the efficiencies driven by last year's transformation programme, which together with a growing mix of digital revenues means that operating profits for the year are now expected to be slightly ahead of market expectations."

Chief executive Jim Mullen said: "We have had a positive start to the year. With digital now accounting for more of our advertising revenues than print and growing strongly, we are well placed to make further progress during 2021."

Malcolm Morgan, analyst at Peel Hunt, said: "The company expects operating profit to be slightly ahead of consensus (137.1m versus Peel Hunt's estimate of 138.7m). We believe there is room to increase this modestly, 1% to 2% perhaps. Overall we consider it a positive start to the year, with momentum in digital likely to build in the second half, and we increase our target price from 200p to 220p and reiterate our 'hold'."

As at 1130 GMT, shares in Reach were unchanged at 220.0p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Reach Market Data

Currency UK Pounds
Price 261.00p
Change Today -5.00p
52 Week High 420.00p
52 Week Low 129.00p
Volume 511,625
Shares Issued 312.74m
Market Cap 816.26m
Beta 1.24

Performance Indicators

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Operating Margin
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What The Brokers Say

Strong Buy 3
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Reach Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Aug-21 13-May-21
Paid 24-Sep-21 04-Jun-21
Amount 2.75p 4.26p

Trades for 29-Nov-2021

Time Volume / Share Price
16:45 2,629 @ 260.50p
16:45 2,629 @ 260.50p
16:35 109,175 @ 261.00p
16:29 590 @ 260.50p
16:29 315 @ 259.50p

Reach Key Personnel

Chair Nick Prettejohn
CFO Simon Fuller
CEO Jim Mullen