Reach PLC (RCH) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for joining today online or in person. It is good to see some familiar faces in the room. For those of you joining online, I apologise, there is some construction noise outside, so I hope it's not affecting the audio too much. But welcome to the REACH full year results for 2025. Before I start, I would just highlight the usual disclaimer slide. My name's Piers North, I'm Chief Executive Officer of REACH PLC and today I'm joined for these results by Darren Fisher, our Chief Financial Officer. I'm going to start with some highlights of the year and then pass to Darren for some of the detailed overview of the financials. Before I will return and talk about some of the progress we've made this year, explain some of the key developments since the year end, but also our priorities for 2026. So let's talk about 2025 at a summary and high level. It has been a busy year for us. We've clearly had a good financial performance with growing profits and standout operating margin of over 20%. We've made some really good strategic progress against the priorities that we set out last year and were designed for the changing landscape that we operate in digitally. And that's in video, in AI, but also in diversifying our revenues with subscriptions. But also importantly, we've taken decisive action to put our business on the right course. And by decisive action, I don't just mean on strategy, but also on our operational decisions. For example, around pensions, but also our print operations. And both Darren and I will give some more detail on that. But for the big facts that impacted the year in digital, after starting the year in audience growth, we did see major referral changes in H2, something the whole industry, both here in the UK and globally, has...