Reach (RCH)

Sector:

Media

Index:

FTSE Small Cap

78.40p
   
  • Change Today:
      0.65p
  • 52 Week High: 87.35p
  • 52 Week Low: 59.10p
  • Currency: UK Pounds
  • Shares Issued: 317.97m
  • Volume: 307,311
  • Market Cap: £249.29m

Reach to axe 550 jobs as Covid-19 hammers revenues

By Frank Prenesti

Date: Tuesday 07 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Daily Mirror and Daily Express publisher Reach said it was axing 550 jobs to slash costs as the coronavirus pandemic hammered advertising revenues.
The company said the move to cut 12% of its workforce would lead to a one-off cost of £20m but would help it save £35m a year.

Chief executive Jim Mullen said an increase in online readership during the lockdown had not led to commensurate increases in digital revenue.

Revenue in the second quarter to June fell by 27.5%, although it improved slightly in June, when sales were down by 23.9%.

"Circulation remains significantly below pre-Covid-19 levels with local advertising continuing to be challenging," Reach said.

It added that group revenue to 28 June was down 17.5%, benefiting from the good start to the year before the pandemic began impacting the business in mid-March.

Reach reported "modest but encouraging improvements" in circulation and national digital revenue as lockdown restrictions eased. Group revenue fell 23.9% in June compared with 30.5% in April. Digital revenue fell 4.9% in June compared a 22.5% slump seen in April when the impact of Covid-19 was at its worst.

Print revenue in June was down 26.7% year on year compared with the 31.8% decline seen in April, Reach said.

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Reach Market Data

Currency UK Pounds
Share Price 78.40p
Change Today 0.65p
% Change 0.84 %
52 Week High 87.35p
52 Week Low 59.10p
Volume 307,311
Shares Issued 317.97m
Market Cap £249.29m

Reach Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.47% above the market average99.47% above the market average99.47% above the market average99.47% above the market average99.47% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
19.31% below the market average19.31% below the market average19.31% below the market average19.31% below the market average19.31% below the market average
10.64% above the sector average10.64% above the sector average10.64% above the sector average10.64% above the sector average10.64% above the sector average
Income
98.99% above the market average98.99% above the market average98.99% above the market average98.99% above the market average98.99% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
87.67% below the market average87.67% below the market average87.67% below the market average87.67% below the market average87.67% below the market average
77.27% below the sector average77.27% below the sector average77.27% below the sector average77.27% below the sector average77.27% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 4
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
  Final Interim
Ex-Div 09-May-24 10-Aug-23
Paid 31-May-24 22-Sep-23
Amount 4.46p 2.88p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 93,316 @ 78.40p
16:35 712 @ 78.40p
16:35 414 @ 78.40p
16:35 2,586 @ 78.40p
16:35 830 @ 78.40p

Reach Key Personnel

Chair Nick Prettejohn
CEO Jim Mullen
CFO Darren Fisher

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