Reach - Reach for the stars

Reach's FY24 results were ahead of market expectations after a strong Q4, with a return of the digital segment to growth for the full year and a resilient performance in the print assets against a structurally declining market. Operating cost containment was also ahead, leading to an improvement in adjusted operating profit margin from FY23's 17% to 19% in FY24. Further operating cost efficiencies are indicated for FY25, although the underlying macro continues to look unsettled. The time horizon to the reduction of Reach's substantial cash requirements of the pension schemes and historical legal issues is shortening, with the former set to resolve by FY28 and the latter in FY26. This should help the market look beyond and assess Reach on its substantial audiences and improving monetisation strategies.

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