Revenue slides as advertising declines hit Reach
By Josh White
Date: Wednesday 22 Jul 2026
(Sharecast News) - Reach reported a 9% fall in first-half revenue to £232.9m on Wednesday as declines in print and digital advertising were partly offset by disciplined cost control, with adjusted operating profit slipping 4.1% to £43.0m.
The London-listed publisher improved its adjusted operating margin to 18.5% from 17.5%, generated £48.8m of adjusted operating cash flow and increased adjusted earnings per share to 11.1p, although it recorded a statutory operating loss of £43.5m after impairment, restructuring and amortisation charges.
Digital revenue fell 11.4% as lower Google referral traffic reduced page views, while print revenue declined 8.3%.
Reach halved its interim dividend to 1.44p per share to prioritise investment in digital subscriptions, video and AI initiatives ahead of the end of its pension deficit payments in 2028, and said it remained on track to meet full-year market expectations.
At 0948 BST, shares in Reach were down 22.63% at 45.65p.
Reporting by Josh White for Sharecast.com.
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