Reach shares saw a significant 12% increase in early trading despite reporting lower earnings for the previous year. The U.K. media company remains optimistic about meeting its full-year outlook and cost-cutting targets in the midst of an uncertain macroeconomic environment.
Financial Highlights
- Pretax Profit: The company reported a pretax profit of 36.7 million pounds for the 53 weeks ended Dec. 31, down from GBP66.2 million in the previous year.
- Revenue: Reach generated revenue of GBP568.6 million, with print revenue down 2% and digital revenue down 15%.
- Adjusted Operating Profit: Adjusted operating profit slipped to GBP96.5 million compared to GBP106.1 million.
Strong Start to 2024
Reach emphasized a robust trading performance in the first two months of 2024, with print advertising and digital sectors showing promising results. The company is on track to achieve a 5%-6% reduction in full-year operating costs.
Dividend Declaration
The board announced a final dividend of 4.46 pence per share, maintaining the full-year payout at 7.34 pence, unchanged from the previous year's level.
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