Reach plc provides an update for FY22e which flags the persistence of advertising headwinds which have masked the positive underlying progress made during the year. Group revenues declined 2.3% y/y in-line with SCMe (-2.2% y/y), yet revenues were more weighted towards lower-margin Print circulation, leading to soft AOP margins (calculated guidance range: 17.3%-18.3%; SCMe: 18.8%). Management execution remains strong, yet whilst operational KPIs in Digital show continued positive underlying momen ....
11 Jan 2023
Circulation grows but advertising headwinds persist
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Circulation grows but advertising headwinds persist
Reach plc (RCH:LON) | 70.2 1.5 3.2% | Mkt Cap: 223.2m
- Published:
11 Jan 2023 -
Author:
Caspar Erskine -
Pages:
3
Reach plc provides an update for FY22e which flags the persistence of advertising headwinds which have masked the positive underlying progress made during the year. Group revenues declined 2.3% y/y in-line with SCMe (-2.2% y/y), yet revenues were more weighted towards lower-margin Print circulation, leading to soft AOP margins (calculated guidance range: 17.3%-18.3%; SCMe: 18.8%). Management execution remains strong, yet whilst operational KPIs in Digital show continued positive underlying momen ....