Reach reports strong trading, finds £5m pension error
By Josh White
Date: Monday 20 Jan 2025
(Sharecast News) - Shares in Reach were rising on Monday morning, after it reported strong fourth-quarter trading leading it to expect full-year results ahead of current market expectations.
The London-listed news publisher, which counts titles such as the Daily Mirror and the Express among its assets, said it would release its full-year results on 4 March 2025.
Reach also announced an estimated £5m additional funding requirement for the West Ferry Printers Pension Scheme, which its inherited in its 2018 acquisition of Express Newspapers.
The shortfall was identified during due diligence to prepare the scheme for a buy-out.
It said it expected to make the payment in 2025, confirming that similar errors had not been found in its other pension schemes.
The issue was unrelated to the 2022 triennial valuations of its remaining schemes, which remained unchanged, the board explained.
Reach also said it had completed the refinancing of its banking facilities, securing a £145m revolving credit facility with a four-year maturity to December 2028, with an option to extend by up to one year.
The facility included a £72.5m uncommitted accordion feature, with financial covenants remaining unchanged.
At 0851 GMT, shares in Reach were up 21.53% at 87.5p.
Reporting by Josh White for Sharecast.com.
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