Reachs prelims are consistent with the January update, with revenues of £601m (-2% y/y) and AOP of £106m (-27% y/y). Positive underlying progress was offset by programmatic headwinds in 2022; a trend reflected across global ad leaders where growth decelerated by 15-40pps y/y. This, coupled with anomalous energy/Print material costs and wage inflation put pressure on the content industry as a whole. In this context, a stable top-line and profit margins of 18% (FY21: 24%; FY18: 20%) look resilient ....
