Reach Plc Reports Decline in Profits and Revenue for 2023

The publisher of the Mirror and Express, Reach Plc, faced a challenging year with profits and revenue falling due to a downturn in advertising and job cuts.

Reach Plc's operating profit fell by over 35% to £46.1m in 2023, with restructuring charges from cutting around 800 roles.
Digital advertising revenues dropped 15%, while print ad revenues decreased almost 12%, amidst economic uncertainty and social media algorithm changes.
Despite the downturn, print remains a significant part of Reach's business, making up 70% of its operations, with print sales down just 2% to £439 million.
Reach is focusing on a digital transformation, increasing reader registrations for data-driven advertising and experimenting with AI for news writing.
The company successfully resolved long-term uncertainties regarding pension funding and historical legal issues, providing a clearer path forward.