Business
Half-year Report
Half-year Report.
About this update from Reach Plc
[{"type":"text","content":"\n\nReach plc - Interim Results - 26 weeks to 25 June 2023 \n25 July 2023\nCustomer Value Strategy driving stronger, more sustainable revenue\nCost actions support stronger H2 performance; full year profit expectations maintained\nJim Mullen Chief Executive\n\"We continue to execute on our Customer Value Strategy, which is driving higher quality, more sustainable digital revenues. Digital growth for the period has been materially affected by lower referral traffic across the sector, particularly following Facebook's deprioritisation of news content, which has driven page view declines for publishers.\nIn spite of this and continued macroeconomic uncertainty, our focus on customer data means we're driving more diversified, higher performing revenues, with greater exposure to directly sold, higher value advertising. Our scale audience and base of registered customers supports the growth of first party data, a key advantage in a market moving closer to a future without third party cookies.\nThe ongoing resilience and predictability of print underpins continued investment in a strong digital offering, with circulation revenue growing and newsprint costs starting to decline. Cash generation is supported by a focus on driving efficiencies, with cost reductions on plan and expected to support a stronger second half performance. We expect full year profits for 2023 to be in line with the current market consensus. The business has a strong balance sheet which supports long term growth, dividend and pension commitments. \"\nBusiness Highlights\nDigital revenue impacted by sector decline in page views, data-led outperformance improves digital mix\n\n\n\n\n•\n\n\nData-driven revenue(1) continues to outperform; now representing 41% of digital (H122: 35%, FY19: 24%)\n\n\n\n\n•\n\n\nOverall digital revenue reflects 16% page view decline (2% excluding Facebook) and lower open market yields\n\n\n\n\n•\n\n\nRegistrations 13.2m (H122: 11.5m) with 5.4m 28 day actives\n\n\...