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Reach set to beat FY market expectations, shares spark
(Sharecast News) - Publishing company Reach said on Tuesday that its full-year performance was set to be ahead of current market expectations, as it cited strategic progress, the resilient performance of its print business and continued cost control. Market expectations are for full-year adjusted operating profit of £99.1m.
In a brief update for the year to the end of December, the company said digital revenues are expected to be 1% lower than the prior year's £130m.
It said digital revenue in the fourth quarter was affected by the same factors as those outlined in the Q3 update, including a material reduction in Google referral volumes and continued macroeconomic weakness.
Chief executive Piers North said: "During the period we made significant strategic progress, notably launching digital subscriptions, expanding video output and growing our off-platform audiences.
"We look forward to the year ahead and thank our teams for their efforts in delivering this year's results."
Full-year results are due to be announced on 3 March.
At 0810 GMT, the shares were up 7.4% at 58.21p.
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