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Reach FY earnings slightly ahead of expectations, warns of 'uncertain' backdrop
(Sharecast News) - Publishing firm Reach published FY earnings that came in slightly ahead of expectations on Tuesday but warned of an "uncertain macro environment and dynamic media backdrop". Reach said revenues came to £538.6m in FY24, down 5.3% overall or 4.2% on a like-for-like basis, but stated operating profits had grown 6.0% to £102.3m as operating profit margins improved from 17.0% to 19.0%.
Earnings per share were up 16.1% at 25.3p, while Reach's FY dividend was unchanged at 7.34p.
Looking forward, Reach said it remains focused on delivering its customer value strategy, optimising its print assets, controlling costs and managing cash to continue building "a more sustainable business for the future".
"We remain alive to the uncertain macro environment and dynamic media backdrop. Despite this we continue to expect digital growth, along with a reduction on adjusted operating costs of 4-5%," said Reach.
As of 1140 GMT, Reach shares were down 0.12% at 86.50p.
Reporting by Iain Gilbert at Sharecast.com
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