Reach suffers revenue fall but is encouraged by digital’s return to growth
Newspaper publisher, Reach, which includes the Manchester Evening News and Liverpool Echo titles among its portfolio, said digital revenues returned to growth in the year to December 31, 2024.
Total revenues fell by 5.3% to £538.6m, but pre-tax profits improved, from £36.7m the previous year to £62.8m. Adjusted net debt rose from £10.1m to £14.2m. The annual dividend remains unchanged at 7.34p per share.
Reach said print revenue of £406.7m was down by 7.3%, but outperformed the volume trends, while digital revenue returned to growth at £130m, up 2.1%.
It reported strong trading of digital advertising with yields growing 19%.
Chief executive, Jim Mullen, said: “Our good performance in 2024 saw our digital business move back to growth, driven by our Customer Value Strategy and diversification into areas like affiliates and ecommerce.
“Our use of data allowed us to drive greater value from our digital content, increase engagement and deliver better performance for our advertisers. We continue to demonstrate expert management of our print business, maximising revenue and reader value, while maintaining our focus on costs across the business.”
He added: “The media landscape has continued to evolve, and the year saw us adapt our own proposition with the introduction of the Content Hub and increased video capability.
“Our audiences have responded positively, demonstrating support for our offer and for the value of free-to-access, advertising-funded journalism that informs, is reliable and gives them a voice. We are well placed for 2025.”
