Reach PLC (RCH) Q2 2026 Earnings Call

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WEBVTT 00:00:00.191 -- 00:00:05.695 Good morning everyone. Thank you for joining us today, either online or in person. 00:00:05.695 -- 00:00:10.699 My name is Piers North, I'm Chief Executive of Reach PLC and welcome to our half year 00:00:10.699 -- 00:00:15.903 results for 2026. I will assume you are familiar with our usual 00:00:15.903 -- 00:00:20.225 disclaimers, but they are here if not. 00:00:20.772 -- 00:00:24.513 So this morning I'm going to run through our performance highlights for the first half 00:00:24.513 -- 00:00:29.154 of the year and then as usual I will pass to Darren Fisher our CFO for the financial 00:00:29.154 -- 00:00:34.496 details. Then I will come back and I'll take a closer look at our current strategic 00:00:34.496 -- 00:00:39.477 progress and explain more how we're viewing the current online market and how we see 00:00:39.477 -- 00:00:43.555 the opportunity in it moving forward. 00:00:43.555 -- 00:00:48.236 So let's take a snapshot of the year. To put it mildly, this period has continued to 00:00:48.236 -- 00:00:51.737 be characterised by significant external change. 00:00:51.737 -- 00:00:57.238 The media, and obviously publishing in particular, the landscape is evolving rapidly, 00:00:57.238 -- 00:01:02.399 and we face notable shifts in how our digital content is discovered. 00:01:02.399 -- 00:01:07.120 Most notably, the low referral volumes, which saw our on-platform page views decline 00:01:07.120 -- 00:01:09.103 by 40%. 00:01:09.103 -- 00:01:14.144 However, against that backdrop, I am reassured by the resilience we've shown, including 00:01:14.144 -- 00:01:18.285 being on track to deliver on our expectations for the year. 00:01:18.285 -- 00:01:23.046 We've been able to partially mitigate this stark browser page view decline, as well as ...