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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Reach plc    TNI   GB0009039941

REACH PLC

(TNI)
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British newspaper publisher Reach to cut 550 jobs

07/07/2020 | 01:47am EST

British newspaper publisher Reach said on Tuesday it would cut about 550 jobs - 12% of its workforce - after the COVID-19 pandemic hit circulation and advertising.

Reach, whose titles include the Daily Mirror and Daily Express, said second-quarter revenue declined 27.5%, with print revenue down 29.5% and digital revenue down 14.8%.

Chief Executive Jim Mullen said the company had seen increased adoption of its digital products, with customer registrations passing the 2.5 million mark during the pandemic.

"However, due to reduced advertising demand, we have not seen commensurate increases in digital revenue," he said.

Shares in Reach, which were at a five-year high of 187 pence in February, were down 8% at 82 pence in early deals on Tuesday.

Jobs will be cut across both national and regional operations, Mullen said, in a plan that will deliver 35 million pounds ($44 million) in annualised savings at an estimated one-off cost of 20 million pounds.

(Reporting by Paul Sandle; editing by James Davey and Louise Heavens)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EDITAS MEDICINE, INC. 3.09% 65.76 Delayed Quote.-9.01%
MULLEN GROUP LTD. -2.00% 10.77 Delayed Quote.0.83%
REACH PLC -1.49% 199 Delayed Quote.40.67%
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Financials
Sales 2020 597 M 817 M 817 M
Net income 2020 74,2 M 102 M 102 M
Net cash 2020 42,1 M 57,6 M 57,6 M
P/E ratio 2020 8,50x
Yield 2020 2,37%
Capitalization 614 M 839 M 840 M
EV / Sales 2020 0,96x
EV / Sales 2021 0,97x
Nbr of Employees 4 573
Free-Float 87,6%
Chart REACH PLC
Duration : Period :
Reach plc Technical Analysis Chart | TNI | GB0009039941 | MarketScreener
Technical analysis trends REACH PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 239,25 GBX
Last Close Price 1,99 GBX
Spread / Highest target 17 588%
Spread / Average Target 11 923%
Spread / Lowest Target 8 945%
EPS Revisions
Managers and Directors
NameTitle
Jim Mullen Chief Executive Officer & Executive Director
Nicholas Edward Tucker Prettejohn Chairman
Simon Jeremy Ian Fuller Chief Financial Officer & Executive Director
Helen C. Stevenson Senior Independent Non-Executive Director
David Thomas Kelly Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
REACH PLC40.67%856
NEWS CORPORATION6.90%11 257
INFORMA PLC-3.46%10 924
SCHIBSTED ASA-7.97%8 557
THE NEW YORK TIMES COMPANY-5.22%8 356
CHINA LITERATURE LIMITED-9.78%7 443