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    TNI   GB0009039941

REACH PLC

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Daily Mirror publisher expects to exceed annual profit target on digital power

05/06/2021 | 03:25am EDT

(Reuters) - Reach Plc said on Thursday its annual operating profit would come in above market expectations after the publisher of Britain's Daily Mirror reported strong revenue growth from its digital business for the first four months of the year.

The company, whose titles also include the Daily Express and a stable of regional newspapers, said revenue from the digital business rose 35% for the period ended April 25 and the number of registered customers rose to 6.2 million, putting the company on track to hit 10 million by the end of 2022.

However, total print revenue dropped 10.4% and circulation fell 7.9% as newspaper sales continued to slump.

Reach, which cut about 550 jobs last year after the pandemic hit circulation and advertising at its newspapers, said on a two-year growth rate basis, the company's digital revenue rose 41.3%, while print revenue declined 24.3%.

"With digital now accounting for more of our advertising revenues than print and growing strongly, we are well placed to make further progress during 2021," CEO Jim Mullen said in a statement.

In March, the Canary Wharf-headquartered company said most of its staff across all its over 110 titles and 70 regional websites would continue to work from home even after coronavirus restrictions are lifted in the UK, helping it further cut costs.

The latest company compiled view of market expectations shows consensus adjusted operating profit of 137.1 million pounds for 2021.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EDITAS MEDICINE, INC. -2.90% 36.8 Delayed Quote.-47.51%
MULLEN GROUP LTD. -2.07% 13.74 Delayed Quote.26.06%
REACH PLC -3.37% 315 Delayed Quote.127.02%
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Analyst Recommendations on REACH PLC
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Financials
Sales 2021 604 M 830 M 830 M
Net income 2021 77,2 M 106 M 106 M
Net cash 2021 55,8 M 76,6 M 76,6 M
P/E ratio 2021 13,4x
Yield 2021 2,14%
Capitalization 1 013 M 1 391 M 1 392 M
EV / Sales 2021 1,58x
EV / Sales 2022 1,55x
Nbr of Employees 4 184
Free-Float 94,8%
Chart REACH PLC
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Reach plc Technical Analysis Chart | TNI | GB0009039941 | MarketScreener
Technical analysis trends REACH PLC
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 326,00 GBX
Average target price 375,00 GBX
Spread / Average Target 15,0%
EPS Revisions
Managers and Directors
Jim Mullen Chief Executive Officer & Executive Director
Simon Jeremy Ian Fuller Chief Financial Officer & Executive Director
Nicholas Edward Tucker Prettejohn Chairman
Alan Edmunds Chief Operating Officer
Helen C. Stevenson Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
REACH PLC127.02%1 391
NEWS CORPORATION27.77%14 165
THE NEW YORK TIMES COMPANY6.24%9 233
REWORLD MEDIA95.27%370
NORTH MEDIA A/S50.38%339
D. B. CORP LIMITED24.80%239