Reach plc - Half-year Report

About this update from Reach Plc

[{"type":"text","content":"\n \n Reach plc (\"The Company\")  Half Year Results - 6 months ending 30 June 2025 \n 24 July 2025 \n   \n   \n Reach plc (\"Reach\", the \"Group\"), the UK and Ireland largest commercial news publisher announces its half year results for the 6 month period ending 30 June 2025. \n   \n Continued digital revenue and audience growth, new priorities launched \n   \n   \n   \n Piers North, Chief Executive: \n   \n \"Today marks the beginning of a new chapter for our business, as we launch the priorities that will fuel our growth. These include initiatives to reach new audiences, increase our video content and accelerate our tech and AI capabilities. Crucially, we'll do more work to diversify our revenues, putting a serious focus on adding subscriptions to our revenue mix. \n   \n \"Over the past six months we have performed well. Our audience growth has been driven by our innovative content and distribution hubs, our in-house recommender tools, and our US expansion. Digital revenue continues to grow, supported by reliable print revenues, despite a challenging market and set against a strong events comparator. \n   \n \"With our market leading scale, editorial impact at both national and local levels, and strong operating profit margin, we are confident that our priorities will set us up for future success.\" \n   \n Teams delivering to plan \n   \n   \n \n \n \n \n Financial Summary \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 6 months ending 30 June 25 \n \n \n   \n \n \n Adjusted results (1) \n \n \n Statutory results \n \n \n \n \n \n \n \n \n \n \n HY25 \n \n \n HY24 \n \n \n  Change \n \n \n HY25 \n \n \n HY24 \n \n \n  Change \n \n \n \n \n Revenue \n \n \n £m \n \n \n 256.0 \n \n \n 265.0 \n \n \n (3.4)% \n \n \n 256.0 \n \n \n 265.0 \n \n \n (3.4)% \n \n \n \n \n Operating profit \n \n \n £m \n \n \n 44.8 \n \n \n 44.5 \n \n \n 0.6% \n \n \n 29.7 \n \n \n 36.8 \n \n \n (19.1)% \n \n \n \n \n Operating profit margin \n \n \n % \n \n \n 17.5 \n \n \n 16.8 \n \n \n 0.7% \n \n \n 11.6 \n \n \n 13.9 \n \n \n (2.3)% \n \n \n \n \n Earnings per share \n \n \n Pence \n \n \n 10.7 \n \n \n 10.1 \n \n \n 5.9% \n \n \n 6.6 \n \n \n 7.8 \n \n \n (15.4)% \n \n \n \n \n Net debt (2) \n \n \n £m \n \n \n (26.0) \n \n \n (12.3) \n \n \n 13.7 \n \n \n (26.0) \n \n \n (12.3) \n \n \n 13.7 \n \n \n \n \n Dividend per share \n \n \n Pence \n \n \n 2.88 \n \n \n 2.88 \n \n \n - \n \n \n 2.88 \n \n \n 2.88 \n \n \n - \n \n \n \n \n   \n \n \n \n \n ·   \n \n \n Revenue declined 3.4% to £256.0m, Print revenue of £194.1m (HY24: £204.0m) was down 4.8%, while digital revenue continued to grow to £61.1m (HY24: £60.0m), up 1.8%. \n \n \n \n \n ·   \n \n \n Both print circulation revenue £144.3m (HY24: £149.9m) and print advertising revenue £27.7m (HY24: £32.7m) outperformed the volume decline, which remains broadly in line with historical trends. \n \n \n \n \n ·   \n \n \n Adjusted operating profit of £44.8m was slightly ahead of the prior year with an improved operating profit margin of 17.5% (HY24: 16.8%). \n \n \n \n \n ·   \n \n \n Year-on-year page views, a measure for on-platform audience volumes, were up 6% with the scaling of our content hub driving improved levels of productivity and more effective distribution.  \n \n \n \n \n ·   \n \n \n Within digital, Direct revenues (3) declined 7.9%, reflecting the tough comparative and weaker market backdrop especially for our local business. Indirect digital revenues (4) grew 9.2% supported by the growth in page views and off-platform revenues including social. \n \n \n \n \n ·   \n \n \n The Group continues to efficiently manage costs and cash: operating costs declined 4.2% to £212.4m (HY24 £221.8m) with overheads well controlled. \n \n \n \n \n ·   \n \n \n The Group generated an adjusted operating cash flow of £45.8m (HY24: £57.7m) (5) , strong levels of cash conversion of 102% (HY24: 130%) and closing net debt of £(26.0)m (FY24: £(14.2)m). \n \n \n \n \n ·   \n \n \n Interim dividend maintained at 2.88p. \n   \n \n \n \n \n \n Three priorities for growth:  Connecting, accelerating and diversifying \n   \n Our three priorities for growth will see us build on past successes while also introducing new initiatives. \n   \n Connecting with audiences \n ●     Attracting new audiences, on and off platform \n ●     Driving deeper levels of engagement \n ●     Putting video and audio content at the centre of our newsrooms \n ●     Differentiating our brands with target audiences \n   \n Accelerating the use of tech and AI \n ●     Upgrading our data platform \n ●    Progressing our advertising cohort strategy \n ●     Innovating with AI \n ●     Scaling B2B tools \n   \n Diversifying revenues \n ●     Developing and rolling out digital subscriptions \n ●     Driving continued growth in affiliates and ecommerce \n ●     Increasing commercialisation of video content \n   \n   \n These will be underpinned by efficient cost and cash management, including an ongoing reduction of operating costs, simplification of the organisation, and further optimisation of the print business. \n   \n FY25 Outlook: Confident in delivering market expectations \n   \n We remain confident about our future, with strong fundamentals and three clear priorities for growth. The macroeconomic environment remains uncertain and we are mindful of the dynamic referrer environment and impacts from a changing regulatory landscape. Managing change is not new to us and our experienced teams will continue to navigate these challenges to deliver digital revenue growth and optimise Print. With our focus on efficiently managing our cost base, we expect to meet our 4-5% adjusted operating costs saving target, in line with previous guidance. Whilst July's referral volumes were impacted by Google's recent core update, we remain confident in delivering market expectations for the full year. (6) \n   \n Q2 25 trading momentum improved despite strong comparative performance \n   \n   \n \n \n \n \n  2025 \n \n \n  Q1 YOY % \n \n \n Q2 YOY % \n \n \n HY YOY % \n \n \n \n \n  Digital revenue \n \n \n 1.6 \n \n \n 2.1 \n \n \n 1.8 \n \n \n \n \n  Print revenue \n \n \n (5.1) \n \n \n (4.6) \n \n \n (4.8) \n \n \n \n \n Circulation revenue \n \n \n (4.0) \n \n \n (3.4) \n \n \n (3.7) \n \n \n \n \n Advertising revenue \n \n \n (12.5) \n \n \n (18.2) \n \n \n (15.4) \n \n \n \n \n  Group revenue \n \n \n (3.7) \n \n \n (3.1) \n \n \n (3.4) \n \n \n \n \n   \n   \n Group revenue declined just 3.1%, within this Digital revenue grew 2.1% in Q2 25 with improved momentum, despite the strong comparative period activity around key events including the Men's European football championship and the Taylor Swift tour. Indirect revenues continue to perform strongly, supported by growing audience numbers, which increased 4%. Direct revenues were impacted by the macroeconomic backdrop, which was felt most acutely across our local markets. We remain focused on growing revenues outside our core advertising model, with diversified revenues growing 10% (7) driven by ecommerce and affiliates. \n   \n In Print, circulation revenues remain a reliable revenue stream, supported by our strong promotional activity. We also continue to see additional revenue from standalone printed products with the football souvenir specials proving popular. Headline growth Print advertising revenue performance has been impacted by the strong comparative. \n   \n Notes: \n \n \n \n \n (1) \n \n \n Set out in note 18 is the reconciliation between the statutory and adjusted results. \n \n \n \n \n (2) \n \n \n Net debt balance comprises cash and cash equivalents of £12.0m (inclusive of £2.9m restricted cash) (note 14) less bank borrowings of £38.0m (note 14) but excludes lease obligations. \n \n \n \n \n (3) \n \n \n Direct digital revenues are advertising or commercial revenues generated from direct engagement with the advertiser, agency or consumer. \n \n \n \n \n (4) \n \n \n Indirect revenues relate to advertising and commercial revenues which is generated indirectly such as revenue on social platforms (off-platform) or programmatically on owned and operated websites (on-platform): \n \n \n \n \n (5) \n \n \n An adjusted cash flow is presented in note 19 which reconciles the adjusted operating profit to the net change in cash and cash equivalents. Note 20 provides a reconciliation between the statutory and adjusted cash flows. \n \n \n \n \n (6) \n \n \n Market expectations compiled by the company are an average of analyst published forecasts - consensus adjusted operating profit for FY25 is £99.0m \n \n \n \n \n (7) \n \n \n Diversified revenues are a subset of Direct revenues which include subscriptions, affiliates, ecommerce and partnerships. \n   \n \n \n \n \n   \n Piers North, Chief Executive Officer and Darren Fisher, Chief Financial Officer will be hosting a webcast at 9:00am (UK) on 24 July 2025. It will be followed by a live question and answer session. The presentation slides will be available on www.reachplc.com from 7.00am (UK). You can join the webcast to watch the presentation or listen to the Q&A via the following weblink, which you can copy and paste into your browser  Reach PLC - Half Year Results 2025 . \n   \n Enquiries \n   \n \n \n \n \n Reach    \n \n \n [email protected]                  \n \n \n \n \n Piers North, Chief Executive Officer        \n \n \n   \n \n \n \n \n Darren Fisher, Chief Financial Officer \n \n \n   \n \n \n \n \n Lija Kresowaty, Head of External Communications \n \n \n   \n \n \n \n \n Jo Britten, Investor Relations Director \n \n \n [email protected] \n +44 (0)7557 557447 \n \n \n \n \n \n \n \n \n \n \n \n \n Teneo \n \n \n [email protected] \n \n \n \n \n Giles Kernick      \n \n \n +44 (0)207 353 4200 \n \n \n \n \n   \n   \n About Reach \n We're Reach plc, the UK's and Ireland's largest commercial news publisher. We connect with people on and offline, via 120 trusted brands, from national titles like the Mirror, Express, Daily Record and Daily Star, to local brands like MyLondon, BelfastLive and the Manchester Evening News, to our US titles. Every month, we reach over 70% of the UK online population as well as 10% of the US population, with over 100m social followers around the world. \n   \n LEI:  213800GNI5XF3XOATR61 \n   \n Classification: 3.1 Additional regulated information required to be disclosed under the laws of the United Kingdom \n   \n Forward looking statements \n This announcement has been prepared in relation to the financial results for the six months ended 30 June 2025. Certain information contained in this announcement may constitute 'forward-looking statements', which can be identified by the use of terms such as 'may', 'will', 'would', 'could', 'should', 'expect', 'seek, 'anticipate', 'project', 'estimate', 'intend', 'continue', 'target', 'plan', 'goal', 'aim', 'achieve' or 'believe' (or the negatives thereof) or words of similar meaning. Forward-looking statements can be made in writing but also may be made verbally by members of management of the Company (including, without limitation, during management presentations to financial analysts) in connection with this announcement. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, changes in global or regional trade conditions, changes in tax rates, liquidity, prospects, growth and strategies. By their nature, forward-looking statements involve risks, assumptions and uncertainties that could cause actual events or results or actual performance or other financial condition or performance measures of the Company to differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to the achievement or reasonableness of and no reliance should be placed on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information or to reflect any change in circumstances or in the Company's expectations or otherwise. \n   \n Chief Executive's Review \n   \n I am proud to have been at Reach for over ten years and what has always excited me about the business is that despite our many advantages and strengths, we still have so much potential to unlock. It is this sense of huge opportunity that has informed my approach since I took on this role in April. \n   \n Despite the challenges that face any media business right now, I recognise what makes our business remarkable - market-leading scale, editorial impact at both national and local levels, and strong operating profit margins. \n   \n In this announcement, we will not only be looking back at the last six months but also forward, identifying our priorities for growth. I must be clear that there is no silver bullet, especially against the tough market we're operating in. But there are plenty of opportunities and the team and I have a plan in place to seize these. \n   \n This renewed focus will put us in a strong position and ensure that we are ready to reap the benefits of our scale, our connection with our audience and our ability to generate revenue regardless of market conditions. \n   \n H1 performance \n It's encouraging to report that our digital business and audience remained in growth this half year. Momentum picked up in Q2 and we delivered over 2% growth, despite national insurance increases, and a strong events comparator. \n   \n Going forward we'll be explaining our digital revenues in two parts. Firstly, Direct revenues, which has declined 7.9%, reflecting the challenging macro backdrop, especially for local. By contrast, Indirect revenues, which includes our programmatic business, grew 9.2% helped by the growth in page views which were up 6%. \n   \n The content hub continued to support our audience growth, in addition to our distribution team's increasingly sophisticated use of data. Our proprietary AI tools, which recommend content to keep our audiences with us for longer, drove an additional 10% of our page views. The growth of our US brands also contributed, with audiences up over a third since this time last year, and plenty more still to play for in that large market. \n   \n Our work with video has progressed, with social video views doubling and social revenue increasing seven fold. The Studio team and our newly built facilities have supported high quality video content, allowing for engaging interviews around everything from VE Day to Eurovision. Across all formats and platforms, our journalists continued to deliver great content that resonates with our audience, including the Mirror's Missed campaign which aside from shining a light on underreported missing persons cases, has already successfully reunited one teenager and his family. All our titles continue to deliver engaging day-to-day reporting, with the Express reporting from the front lines in Ukraine and the Manchester Evening News uncovering a local Neo-Nazi group, which led to nine arrests. Sport continues to do very well for us across many formats and brands, and in the last few months our print standalones have performed especially well, celebrating big club wins for the likes of Crystal Palace, Arsenal Women's and Liverpool FC. \n   \n Our commercial team has leveraged all of this good work to build on our long-standing partnerships. We work closely with the major retailers, who value our ability to tap into local communities, especially when coupled with our first-party data sharing capabilities, which can double the industry average CTR (Click-through-rate) along with growing video presence. We have more to look forward to this summer, with the upcoming launch of the multiplatform All Out Football brand, which has already secured an important partnership with Sky Bet. \n   \n Diversified revenues increased 6.5% year-on-year, with affiliates and OK! Beauty Box continuing to deliver, and Yimbly growing well, benefitting from the seasonal outdoor market and generating over £1.0m Gross Merchandise Value (GMV). \n   \n We continue to see good results from our print business, which generated revenue of £194m despite the volume decline, and Group operating costs were down 4.2% \n   \n Taking all this together means that our profit margin increased to a very healthy 17.5%,  a stand-out number in our industry. These profits translate to cash, with strong cash conversion of 102%, meaning that we ended the period with headroom between net debt £26m and our RCF facility £145m. \n   \n Our priorities \n   \n I played a key role in devising and implementing our Customer Value Strategy and know that it has put us in a good position to innovate further. In the years that have passed since we launched that strategy, both the market and the business have changed, and we're now ready to take our next steps, building on some areas while also introducing some new initiatives. \n   \n Connecting with audiences \n ●     Attracting new audiences, on and off platform \n ●     Driving deeper levels of engagement \n ●     Putting video and audio content at the centre of our newsroom \n ●     Differentiating our brands with target audiences \n   \n   \n Accelerating the use of tech and AI \n ●     Upgrading our data platform \n ●    Progressing our advertising cohort strategy \n ●     Innovating with AI \n ●     Scaling B2B tools \n   \n Diversifying revenues \n ●     Developing and rolling out digital subscriptions \n ●     Driving continued growth in affiliates and ecommerce \n ●     Increasing commercialisation of video content \n   \n These strategic priorities will be underpinned by efficient cost and cash management, including an ongoing reduction of operating costs, simplification of the organisation, and further optimisation of the print business. As we said in March, we have a clear target of saving 4-5% across our operating costs and are currently delivering in line with this target.   \n Of course, effective change depends on our teams pulling in the same direction. We've worked to develop our shared purpose and vision - to meet people where they live, both on and offline, through their locations, passions and values. Thank you to the many colleagues who have fed into our strategic planning so far and to everyone at Reach as we deliver on these focus areas. \n   \n Our environmental targets \n As always, we continue to operate as a responsible business. Earlier this spring we took an important step as we announced the validation of near-term Science Based targets. Improving our environmental impact continues to be important for our readers, our colleagues and our advertising partners, so this represents an important step in demonstrating the strength of our commitment. \n   \n Looking forward \n Our priorities for growth are clear and I am confident that delivering these will move the business to a new phase in its development. Nonetheless I remain mindful of the backdrop, with an unhelpful macro environment, and the perennial risk in the actions of the dominant tech platforms affecting our distribution channels. We recognise the moving parts in the regulatory landscape, with the voluntary adoption of the less healthy food advertising legislation from Q4 and the CMA's decision to designate Google with Strategic Market Status to improve competition in search. \n   \n Managing change is not new to us and I will be relying on our experienced teams to navigate these challenges with a clear view on how to deliver value for our shareholders as well as drive success for all our stakeholders. Thank you again to all our teams as we move at pace on our three priority areas. We have a lot to do but also plenty to gain, and I look forward to sharing further details as well as initial progress in March. \n   \n   \n Finance review \n   \n Delivering our plans \n 2025 remained challenging with a volatile macroeconomic backdrop, the introduction of the additional national insurance burden and a tough events comparative. Despite these headwinds, we have delivered good results and are on track with our plans. Digital revenue and audience have grown year-on-year and print remains a reliable revenue stream. \n   \n Digital revenues grew 1.8% to £61.1m and audience, measured by on-platform page views, increased 6%. Taking these two factors together meant that our RPM, or revenue per thousand page views, declined 4%. Our three priorities announced today recognise the importance of both Direct and Indirect revenues for our future success and provide improved visibility on our performance and progress. \n   \n Direct revenues are advertising or commercial revenues that are generated from direct engagement with the advertiser, agency or consumer. This includes areas such as direct sales and agency revenues as well as our B2B offering, Mantis. Diversified revenues are a subset of direct and include subscriptions, affiliates ecommerce and partnerships. Over the last six months Direct revenues have declined 7.9% due to the tough macroeconomic backdrop, especially for our local business. \n   \n Conversely, Indirect revenues are advertising or commercial revenues that are generated indirectly, such as revenue generated from social or third party platforms (off-platform) or programmatically on owned and operated websites (on-platform). These have performed strongly, growing 9.2% with the indirect RPM increasing by 3%. \n   \n Underpinned by efficient cost and cash management \n The three priorities are underpinned by efficient cost and cash management, maintaining our strong track record in consistently delivering costs savings, and include: \n   \n Optimising print contribution : Print represents three quarters of Group revenues and underpins both the profitability and cash generation of the Group. Our operational experts managed the decline in volumes and maximised circulation by delivering strong promotional activity and one-off standalone products as well as ensuring that processes and distribution remain efficient. Together this has meant that print has remained a reliable source of income. \n   \n Simplifying the organisation: The roll out of our content hub model just over a year ago has supported a 6% audience growth this year. This structure reduces duplication of work and establishes subject matter experts who have gained authority across key topics. Our distribution hub has also become increasingly sophisticated in using data to distribute content and maximise audience. \n   \n Reducing operating costs: Labour represents around half of our cost base and we have continued to re-adjust our labour to match the dynamic market, offsetting some of the increases from our company-wide pay rise and increased national insurance contributions. Over the first half of the year we have focused on reducing overheads and our general input costs. These efforts along with organisational efficiency and structural improvements mean that adjusted operating costs reduced by £9.4m or 4.2% year-on year. This is at the lower end of the cost saving target reflecting the higher volumes of print production and associated costs. The adjusted operating margin improved by 0.7% to 17.5%. (HY24: 16.8%) \n   \n Cash and investment \n Cash management remains a priority. During the period, we completed one property disposal generating £2.1m of cash. The Group closed the period with net debt of £26.0m (inclusive of £2.9m restricted cash) which is made up of £12.0m of cash and the revolving credit facility drawn at £38.0m. The Group's revolving credit facility is £145.0m and is in place until December 2028 (with a one-year extension option until December 2029). \n   \n Group cash conversion was in line with expectations at 102% supported by continued cash management. Our key financial obligations are unchanged. As we previously communicated, we have clarity on resolving our historical legal issues and our financial estimates and timetable unchanged from those communicated at the full year. \n   \n We continued to selectively invest in our business, including Mantis, our in-house ad tech platform, as well as our US business and Yimbly, an ecommerce marketplace which continues to scale with over 20,000 products now available. The rollout of our new website platform to improve the user experience continues, with over 30% of our digital estate complete. \n   \n Looking ahead \n We have three clear priorities for the business: connecting with audiences, accelerating our use of tech and AI, and diversifying our revenues. Together these will mean we create a business with larger reach, increased levels of productivity and efficiency and more resilience, with commercial models that sit outside a traditional advertising-led model. All of this continues to be underpinned by efficient cost and cash management. At the start of the year, we committed to reducing total operating costs by 4-5%, and we are on track to deliver this saving broadly in line with the first half of the year. \n \n \n Summary income statement \n The results have been prepared for the six months to 30 June 2025. The comparative period has been prepared for the six months ending 30 June 2024. \n   \n \n \n \n \n \n \n \n Adjusted \n HY 2025 \n £m \n \n \n Adjusted \n HY 2024 \n £m \n \n \n Statutory \n HY 2025 \n £m \n \n \n Statutory \n HY 2024 \n £m \n \n \n \n \n Revenue \n \n \n 256.0 \n \n \n 265.0 \n \n \n 256.0 \n \n \n 265.0 \n \n \n \n \n Costs \n \n \n (212.4) \n \n \n (221.8) \n \n \n (226.8) \n \n \n (228.8) \n \n \n \n \n Associates \n \n \n 1.2 \n \n \n 1.3 \n \n \n 0.5 \n \n \n 0.6 \n \n \n \n \n Operating profit \n \n \n 44.8 \n \n \n 44.5 \n \n \n 29.7 \n \n \n 36.8 \n \n \n \n \n Finance costs \n \n \n (2.4) \n \n \n (2.2) \n \n \n (2.7) \n \n \n (3.9) \n \n \n \n \n Profit before tax \n \n \n 42.4 \n \n \n 42.3 \n \n \n 27.0 \n \n \n 32.9 \n \n \n \n \n Tax charge \n \n \n (8.5) \n \n \n (10.5) \n \n \n (6.1) \n \n \n (8.3) \n \n \n \n \n Profit after tax \n \n \n 33.9 \n \n \n 31.8 \n \n \n 20.9 \n \n \n 24.6 \n \n \n \n \n Earnings per share - basic \n \n \n 10.7 \n \n \n 10.1 \n \n \n 6.6 \n \n \n 7.8 \n \n \n \n \n Group revenue declined by £9.0m or 3.4% to £256.0m with print decline of 4.8% and digital revenue up 1.8%. \n Adjusted operating costs decreased by £9.4m or 4.2%, offsetting the decline in revenue. The cost base benefited from improved overhead management and labour costs have been well managed in view of the company wide pay rise along with increases to national insurance. \n Statutory operating costs were lower by £2.0m or 0.9%, driven by the decrease in adjusted operating costs, partially offset by an increase in operating adjusted items of £7.4m (£14.4m in HY25 versus £7.0m in HY24). \n Adjusted operating profit improved £0.3m with an improved adjusted operating profit margin of 17.5% (HY24: 16.8%). Statutory operating profit decreased by £7.1m, primarily due to the increase in operating adjusted items. \n Adjusted earnings per share increased by 0.6p or 5.9% to 10.7p. Statutory earnings per share decreased by 1.2p to 6.6p, principally due to the decrease in operating profit. \n   \n Revenue \n \n \n \n \n \n \n \n HY 2025 \n Actual \n £m \n \n \n HY 2024 \n Actual \n £m \n \n \n YOY \n Change \n % \n \n \n \n \n Digital \n \n \n 61.1 \n \n \n 60.0 \n \n \n 1.8 \n \n \n \n \n Print \n \n \n 194.1 \n \n \n 204.0 \n \n \n (4.8) \n \n \n \n \n Circulation \n \n \n 144.3 \n \n \n 149.9 \n \n \n (3.7) \n \n \n \n \n Advertising \n \n \n 27.7 \n \n \n 32.7 \n \n \n (15.4) \n \n \n \n \n Printing \n \n \n 8.6 \n \n \n 8.8 \n \n \n (2.0) \n \n \n \n \n Other \n \n \n 13.5 \n \n \n 12.6 \n \n \n 7.1 \n \n \n \n \n Other \n \n \n 0.8 \n \n \n 1.0 \n \n \n (24.8) \n \n \n \n \n Total revenue \n \n \n 256.0 \n \n \n 265.0 \n \n \n (3.4) \n \n \n \n \n   \n \n \n \n \n   \n   \n   \n   \n \n \n Actual \n Q1 2025 \n YOY \n % \n \n \n Actual \n Q2 2025 \n                YOY \n % \n \n \n Actual \n HY 2025 \n YOY \n % \n \n \n Actual \n HY 2024 \n YOY \n % \n \n \n \n \n Digital revenue \n \n \n 1.6 \n \n \n 2.1 \n \n \n 1.8 \n \n \n (1.3) \n \n \n \n \n Print revenue \n \n \n (5.1) \n \n \n (4.6) \n \n \n (4.8) \n \n \n (6.1) \n \n \n \n \n Circulation \n \n \n (4.0) \n \n \n (3.4) \n \n \n (3.7) \n \n \n (3.6) \n \n \n \n \n Advertising \n \n \n (12.5) \n \n \n (18.2) \n \n \n (15.4) \n \n \n (11.5) \n \n \n \n \n    Total Revenue \n \n \n (3.7) \n \n \n (3.1) \n \n \n (3.4) \n \n \n (5.2) \n \n \n \n \n   \n   \n Revenue bridge \n \n \n \n \n   \n \n \n Actual \n £m \n \n \n YOY \n % \n \n \n \n \n HY24 revenue \n \n \n 265 \n \n \n \n \n \n \n \n Digital \n \n \n 1 \n \n \n 2 \n \n \n \n \n Circulation \n \n \n (6) \n \n \n (4) \n \n \n \n \n Print advertising \n \n \n (5) \n \n \n (15) \n \n \n \n \n Printing & print other \n \n \n 1 \n \n \n 3 \n \n \n \n \n Other \n \n \n - \n \n \n (25) \n \n \n \n \n HY25 revenue \n \n \n 256 \n \n \n (3) \n \n \n \n \n   \n Digital revenue increased by 1.8% to £61.1m (HY24: £60.0m) and our content and distribution hub model continues to drive productivity and improved discoverability with digital page views increasing by 6%. These two factors together meant that our RPM, or revenue per thousand page views, declined 4%.  Within digital, Direct revenues declined 7.9% due to the tough macroeconomic backdrop, especially for our local business. Indirect performed strongly, growing 9.2%. We continue to grow revenues outside of core advertising with diversified revenues growing 6.5% year-on-year. \n   \n Print revenue decreased by £9.9m to £194.1m (HY24: £204.0m). Resilient circulation performance with revenue down 3.7% to £144.3m (HY24: down 3.6%) as the teams expertly managed the cover price increases to offset volume decline with more promotional activity and special editions. \n   \n Print advertising declined by £5.0m, or 15.4% year-on-year; this performance was in line with our expectations given the strong comparative and outperformed volume trends which were down 19% year-on-year, supported by demand from retail and government spend including public notices. \n   \n Print revenue also includes third-party printing revenues and other print-related revenues. Printing revenue decreased by 2.0% (HY24: down 15.2%). Other print revenue increased by 7.1% (HY24: down 13.1%). These revenues are largely contracted on a cost-plus basis, and reflect the external market demand for print. \n   \n Costs \n \n \n \n \n \n \n \n Adjusted \n HY 2025 \n £m \n \n \n Adjusted \n HY 2024 \n £m \n \n \n YOY \n Change \n % \n \n \n Statutory \n HY 2025 \n £m \n \n \n Statutory \n HY 2024 \n £m \n \n \n YOY \n Change \n % \n \n \n \n \n Labour \n \n \n (107.4) \n \n \n (105.9) \n \n \n 1.5 \n \n \n (107.4) \n \n \n (105.9) \n \n \n 1.5 \n \n \n \n \n Newsprint \n \n \n (19.0) \n \n \n (22.2) \n \n \n (14.1) \n \n \n (19.0) \n \n \n (22.2) \n \n \n (14.1) \n \n \n \n \n Depreciation and amortisation \n \n \n (9.7) \n \n \n (9.7) \n \n \n 0.0 \n \n \n (9.7) \n \n \n (9.7) \n \n \n 0.0 \n \n \n \n \n Production and sales related costs \n \n \n (30.6) \n \n \n (32.6) \n \n \n (6.2) \n \n \n (30.6) \n \n \n (32.6) \n \n \n (6.2) \n \n \n \n \n Other \n \n \n (45.7) \n \n \n (51.4) \n \n \n (11.3) \n \n \n (60.1) \n \n \n (58.4) \n \n \n 2.5 \n \n \n \n \n Total costs \n \n \n (212.4) \n \n \n (221.8) \n \n \n (4.2) \n \n \n (226.8) \n \n \n (228.8) \n \n \n (0.9) \n \n \n \n \n   \n Labour represents half our cost base and these costs have increased 1.5%. We have offset most of the inflationary pressures from the 2% company wide pay rise and national insurance increases with some efficiency and structural improvements. Newsprint costs are also lower from reduced newsprint volumes with longer-term supply contracts in place through the remainder of the year improving price stability. \n   \n Production and sales-related costs include production, distribution, marketing and sales related costs. Over the first half there has been a focus on reducing overheads which are included in 'Other'. Key components of this category include: IT related costs £17.3m (HY24: £16.4m), Utilities, rates & other office costs £10.1m (HY24: £12.4m) and other editorial costs £8.0m (HY24: £9.8m). These overheads have been effectively managed to reduce adjusted operating costs by £9.4m or 4.2% to £212.4m (HY24: £221.8m). \n   \n Statutory costs were lower by £2.0m or 0.9% due to lower operating costs partially offset by higher operating adjusted items which were £7.4m higher at £14.4m. \n   \n Operating adjusted items included in statutory costs related to the following: \n \n \n \n \n \n \n \n Statutory \n HY 2025 \n £m \n \n \n Statutory \n HY 2024 \n £m \n \n \n \n \n Restructuring charges in respect of cost reduction measures \n \n \n (4.2) \n \n \n (2.7) \n \n \n \n \n Property-related items \n \n \n (0.4) \n \n \n 2.0 \n \n \n \n \n Pension administrative expenses \n \n \n (4.9) \n \n \n (2.4) \n \n \n \n \n Other items \n \n \n (4.9) \n \n \n (3.9) \n \n \n \n \n Operating adjusted items in statutory costs \n \n \n (14.4) \n \n \n (7.0) \n \n \n \n \n The Group estimates for historical legal issues are unchanged. As a result, there is no increase in the provision relating to the costs associated with dealing with and resolving civil claims in relation to historical phone hacking and unlawful information gathering (HY24: no change). \n Restructuring charges of £4.2m (HY24: £2.7m) principally relate to in-year cost management actions taken in the period. \n Pension costs of £4.9m (HY24: £2.4m) comprise external pension administrative expenses of £2.7m (HY24: £2.4m) alongside the additional one-off past service cost of £2.2m representing a Barber Window adjustment attributable to the Trinity Retirement Benefit Scheme (the 'Trinity Scheme'). \n Property-related items comprise the loss on sale of assets of £0.1m (HY24: profit of £4.1m), vacant freehold property-related costs of £0.2m (HY24: £1.1m) and onerous lease and related costs of £0.1m (HY24: £1.0m). \n Other adjusted items comprise of adviser costs in relation to the defined benefit pension schemes of £3.0m (HY24: £1.7m), other restructuring-related project costs of £1.3m (HY24: £1.4m), corporate simplification costs of £0.3m (HY24: £0.3m), internal defined benefit pension administrative expenses of £0.2m (HY24: £0.2m) and the Group's net legal fees in respect of historical legal issues of £0.1m (HY24: £0.3m). \n   \n Reconciliation of statutory to adjusted results \n \n \n \n \n HY2025 \n   \n \n \n Statutory results \n £m \n \n \n \n Operating \n adjusted \n items \n £m \n \n \n Pension \n finance charge \n £m \n \n \n   Adjusted results \n £m \n \n \n \n \n Revenue \n \n \n 256.0 \n \n \n - \n \n \n - \n \n \n 256.0 \n \n \n \n \n Operating profit \n \n \n 29.7 \n \n \n 15.1 \n \n \n - \n \n \n 44.8 \n \n \n \n \n Profit before tax \n \n \n 27.0 \n \n \n 15.1 \n \n \n 0.3 \n \n \n 42.4 \n \n \n \n \n Profit after tax \n \n \n 20.9 \n \n \n 12.7 \n \n \n 0.3 \n \n \n 33.9 \n \n \n \n \n Basic earnings per share (p) \n \n \n 6.6 \n \n \n 4.0 \n \n \n 0.1 \n \n \n 10.7 \n \n \n \n \n   \n The Group excludes operating adjusted items and the pension finance charge from the adjusted results. Adjusted items relate to costs or income that derive from events or transactions that fall within the normal activities of the Group, but are excluded from the Group's adjusted profit measures, individually or, if of a similar type in aggregate, due to their size and/or nature, in order to better reflect management's view of the performance of the Group. \n Items are adjusted on the basis that they distort the underlying performance of the business where they relate to material items that can recur (including impairment, restructuring and tax rate changes) or relate to historical liabilities (including historical legal and contractual issues and defined benefit pension schemes which are all closed to future accrual). \n Other items may be included in adjusted items if they are not expected to recur in future years, such as property rationalisation, and items such as transaction and restructuring costs incurred on acquisitions, or the profit or loss on the sale of subsidiaries, associates or freehold buildings. \n Management excludes these from the results that it uses to manage the business and on which bonuses are based to reflect the underlying performance of the business and believes that the adjusted results, presented alongside the statutory results, provide users with additional useful information. Further details on the items excluded from the adjusted results are set out in note 5. \n   \n Balance sheet and cash flows \n Historical legal issues provision \n The historical legal issues provision relates to the cost associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering. Payments of £1.1m have been made during the period. At the half year, a provision of £8.0m remains outstanding and this represents the current best estimate of the amount required to resolve this historical matter. Further details relating to the nature of the liability, the calculation basis and the expected timing of payments, are set out in note 16. \n Decrease in accounting pension deficit \n The IAS 19 pension deficit (net of deferred tax), in respect of the Group's defined benefit pension schemes, decreased by £13.7m from £34.0m at year end to £20.3m at the half year. The pension deficit has fallen primarily due to the £30.1m of contributions made during the period, partially offset by lower growth in asset values. \n   \n Group contributions in respect of the defined benefit pension schemes in the first half were £30.1m (HY24: £31.0m). Contributions paid to the schemes in 2025 are expected to be £55.7m under the current schedule of contributions. This excludes the c.£5m payment to West Ferry Printers Pension Scheme. It also excludes, an additional £5.5m which is to be transferred to secure bank and escrow accounts during the year for two of the schemes which is recognised in our Consolidated Balance Sheet, and which may be transferred to the corresponding Schemes at a later date, depending on their funding status. \n   \n Profit to cash measure \n This ratio is a measure of our effectiveness at working capital management. It is calculated as our adjusted operating cash flow as a proportion of adjusted operating profit. \n   \n \n \n \n \n \n \n \n HY 2025 \n £m \n \n \n HY 2024 \n £m \n \n \n \n \n Adjusted operating profit \n \n \n 44.8 \n \n \n 44.5 \n \n \n \n \n Depreciation and amortisation \n \n \n 9.7 \n \n \n 9.7 \n \n \n \n \n Adjusted EBITDA \n \n \n 54.5 \n \n \n 54.2 \n \n \n \n \n Working capital movement \n \n \n 1.5 \n \n \n 14.1 \n \n \n \n \n Other \n \n \n 1.0 \n \n \n 0.7 \n \n \n \n \n Associates \n \n \n (1.2) \n \n \n (1.3) \n \n \n \n \n Adjusted cash generated from operations \n \n \n 55.8 \n \n \n 67.7 \n \n \n \n \n Lease payments \n \n \n (3.1) \n \n \n (4.4) \n \n \n \n \n Capital expenditure \n \n \n (6.9) \n \n \n (5.6) \n \n \n \n \n Adjusted operating cash flow \n \n \n 45.8 \n \n \n 57.7 \n \n \n \n \n Profit to cash ratio \n \n \n 102% \n \n \n 130% \n \n \n \n \n During the period, adjusted operating profit was £44.8m (HY24: £44.5m) and the adjusted operating cash inflow was £45.8m (HY24: £57.7m) with a profit to cash ratio of 102% (HY24: 130%). The prior year was inflated from the working capital inflow which was mainly attributable to timing differences that largely unwound across the second half of the prior year. \n The table below shows how the Group is using the cash generated from operations to meet its financial obligations. Adjusted cash generated from operations is adjusted operating cash flow, excluding the impact of net lease payments and capital expenditure. \n Uses of cash \n   \n \n \n \n \n \n \n \n HY 2025 \n £m \n \n \n HY 2024 \n £m \n \n \n \n \n Adjusted cash generated from operations \n \n \n 55.8 \n \n \n 67.7 \n \n \n \n \n Pension payments \n \n \n (30.1) \n \n \n (31.0) \n \n \n \n \n Pension payments into escrow \n \n \n (2.3) \n \n \n - \n \n \n \n \n Historical legal issues \n \n \n (1.1) \n \n \n (5.2) \n \n \n \n \n Restructuring \n \n \n (5.9) \n \n \n (12.9) \n \n \n \n \n Capital expenditure \n \n \n (6.9) \n \n \n (5.6) \n \n \n \n \n Proceeds from disposal of property \n \n \n 2.1 \n \n \n 13.1 \n \n \n \n \n Other \n \n \n (9.3) \n \n \n (14.2) \n \n \n \n \n Cash flow before returns to shareholders \n \n \n 2.3 \n \n \n 11.9 \n \n \n \n \n Dividends paid \n \n \n (14.1) \n \n \n (14.1) \n \n \n \n \n Cash flow after returns to shareholders \n \n \n (11.8) \n \n \n (2.2) \n \n \n \n \n Net debt \n \n \n (26.0) \n \n \n (12.3) \n \n \n \n \n Material uses for cash include pension contributions totalling £30.1m (HY24: £31.0m) and capital expenditure of £6.9m. Other comprises professional fees in respect of historical legal issues and adviser costs in relation to the defined benefit pension schemes of £4.1m (HY24: £2.2m), net lease payments of £3.1m (HY24: £4.4m), net interest and charges paid on borrowings of £2.0m (HY24: £1.5m), income tax paid of £1.9m (HY24: £2.1m), tax receipts of residual overpayments previously held with HMRC of £4.8m (HY24: nil) and other movements which account for the balance of cash flows. \n The Group paid a dividend in the period of £14.1m (HY24: £14.1m). \n Cash balances \n Net debt at the half year is £26.0m (inclusive of £2.9m restricted cash), an increase of £11.8m from £14.2m at the end of 2024. The Group has £38.0m drawn down on its revolving credit facility, with the overall total cash position of £12.0m at the half year. The Group has a revolving credit facility of £145.0m, which expires during December 2028 with an option to extend to December 2029. \n Cash generated from operations on a statutory basis was £42.0m (HY24: £43.1m). The Group presents an adjusted cash flow which reconciles the adjusted operating profit to the net change in cash and cash equivalents, which is set out in note 19. A reconciliation between the statutory and the adjusted cash flow is set out in note 20. The adjusted operating cash flow was £45.8m (HY24: £57.7m). \n   \n Dividends \n The Board paid a final dividend for 2024 of 4.46 pence per share in May 2025. An interim dividend for 2025 of 2.88 pence per share will be paid on 19 September 2025 to shareholders on the register on 15 August 2025. \n In declaring an interim dividend of 2.88 pence per share for 2025 (HY24: 2.88 pence per share), the Board has considered all investment requirements and its funding commitments to the defined benefit pension schemes. \n   \n Explaining the performance of our digital business \n We will categorise our digital revenue between Direct and Indirect to provide improved visibility in understanding our performance. \n Direct revenues: Advertising or commercial revenues that are generated from direct engagement with the advertiser, agency or consumer. The material areas include direct advertising, agency and our B2B offering Mantis. A subset of direct is diversified revenues which includes subscriptions, affiliates, ecommerce and partnerships. \n Indirect revenues: Advertising or commercial revenues that are generated indirectly such as revenue on social platforms (off-platform) or programmatically on owned and operated websites (on-platform). \n   \n Historical performance \n   \n \n \n \n \n \n \n \n FY \n 2023 \n £m \n \n \n FY \n 2024 \n £m \n \n \n HY \n 2024 \n £m \n \n \n HY \n 2025 \n £m \n \n \n HY24-25 \n Var \n % \n \n \n \n \n Direct revenues                                                                 \n \n \n 56.1 \n \n \n 54.7 \n \n \n 25.9 \n \n \n 23.8 \n \n \n (7.9) \n \n \n \n \n Indirect revenues \n \n \n 71.3 \n \n \n 75.3 \n \n \n 34.1 \n \n \n   37.3 \n \n \n 9.2 \n \n \n \n \n Total digital revenues \n \n \n 127.4 \n \n \n 130.0 \n \n \n 60.0 \n \n \n 61.1 \n \n \n 1.8 \n \n \n \n \n   \n Previous description of digital revenues \n Data driven revenues HY25: £26.2m to represent 43% of digital revenues (HY24: £27.2m - 45%) \n The reduction in data driven revenues reflects the weak external market especially for the local business alongside the growth in page views and programmatic advertising. \n   \n Principal risks and uncertainties \n The Group recognises the importance of the effective understanding and management of risk in enabling us to identify factors, both externally and internally, that may materially affect our ability to achieve our goals. There is an ongoing process for the identification, evaluation and management of the principal risks faced by the Group, including emerging risks. Appropriate mitigating actions are in place to minimise the impact of the risks and uncertainties which are identified as part of the risk process. All risks are considered in the context of our strategic objectives, the changing regulatory and compliance landscape and enabling the continuity of our operations. \n These principal risks and uncertainties, the risk appetite in relation to these and the resulting actions are set out in the Reach plc 2024 Annual Report which is available on our website at www.reachplc.com. \n The principal risks and uncertainties continue to be: macroeconomic environment; drop in digital page views; inability to recruit and retain talent; acceleration of print circulation decline; cyber attack; supply chain disruption; health and safety incident; published content and/or editorial practices; lack of funding capability; and data protection failure. \n Going concern statement \n The directors assessed the Group's prospects, both as a going concern and its longer term viability, at the time of approval of the Group's 2024 Annual Report. Further information is set out in the Reach plc 2024 Annual Report. \n The directors have reviewed the going concern assessment, with a particular focus on the market-wide decline in print volumes, the impact of actions of dominant platforms on referral traffic and our yield performance. The Group undertakes regular forecasts and projections of trading, identifying areas of focus for management to improve delivery of the Strategy. The Group has a strong balance sheet and liquidity with a cash balance of £12.0m and £38.0m drawn from its revolving credit facility which expires in December 2028 (including an option to extend by up to one year), with an additional £107.0m remaining available. \n Accordingly, the directors have adopted the going concern basis of accounting in the preparation of the Group's half-yearly financial report. \n   \n Statement of directors' responsibilities \n The directors are responsible for preparing the half-yearly financial report in accordance with applicable laws and regulations. The directors confirm to the best of their knowledge: \n a)    that the condensed consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: \n \n \n \n \n i. \n \n \n an indication of important events that have occurred during the first six months and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and \n \n \n \n \n ii. \n \n \n material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report. \n \n \n \n \n   \n By order of the Board of Directors \n   \n \n Darren Fisher \n Chief Financial Officer 24 July 2025 \n \n \n Condensed consolidated interim financial statements \n Consolidated income statement \n for the 6 months ended 30 June 2025 (6 months ended 30 June 2024 and year ended 31 December 2024) \n   \n   \n \n \n \n \n \n \n \n   \n   \n   \n notes \n \n \n   \n Adjusted \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n Adjusted Items \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n   \n Statutory \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n   \n Adjusted \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Adjusted Items \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n   \n Statutory \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n   \n Adjusted \n year ended \n  31 December 2024 \n (audited) \n £m \n \n \n Adjusted Items \n year ended \n  31 December 2024 \n (audited) \n £m \n \n \n   \n Statutory \n year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 4 \n \n \n 256.0 \n \n \n - \n \n \n 256.0 \n \n \n 265.0 \n \n \n - \n \n \n 265.0 \n \n \n 538.6 \n \n \n - \n \n \n 538.6 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (148.3) \n \n \n - \n \n \n (148.3) \n \n \n (154.0) \n \n \n - \n \n \n (154.0) \n \n \n (303.4) \n \n \n - \n \n \n (303.4) \n \n \n \n \n Gross profit \n \n \n \n \n \n 107.7 \n \n \n - \n \n \n 107.7 \n \n \n 111.0 \n \n \n - \n \n \n 111.0 \n \n \n 235.2 \n \n \n - \n \n \n 235.2 \n \n \n \n \n Distribution costs \n \n \n \n \n \n (18.0) \n \n \n - \n \n \n (18.0) \n \n \n (18.1) \n \n \n - \n \n \n (18.1) \n \n \n (36.8) \n \n \n - \n \n \n (36.8) \n \n \n \n \n Administrative expenses \n \n \n \n \n \n (46.1) \n \n \n (14.4) \n \n \n (60.5) \n \n \n (49.7) \n \n \n (7.0) \n \n \n (56.7) \n \n \n (98.9) \n \n \n (26.8) \n \n \n (125.7) \n \n \n \n \n Share of results of associates \n \n \n \n \n \n 1.2 \n \n \n (0.7) \n \n \n 0.5 \n \n \n 1.3 \n \n \n (0.7) \n \n \n 0.6 \n \n \n 2.8 \n \n \n (1.3) \n \n \n 1.5 \n \n \n \n \n Operating profit \n \n \n \n \n \n 44.8 \n \n \n (15.1) \n \n \n 29.7 \n \n \n 44.5 \n \n \n (7.7) \n \n \n 36.8 \n \n \n 102.3 \n \n \n (28.1) \n \n \n 74.2 \n \n \n \n \n Interest income \n \n \n 6 \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n \n \n Finance costs \n \n \n 7 \n \n \n (2.5) \n \n \n - \n \n \n (2.5) \n \n \n (2.3) \n \n \n - \n \n \n (2.3) \n \n \n (5.3) \n \n \n (2.9) \n \n \n (8.2) \n \n \n \n \n Pension finance charge \n \n \n 13 \n \n \n - \n \n \n (0.3) \n \n \n (0.3) \n \n \n - \n \n \n (1.7) \n \n \n (1.7) \n \n \n - \n \n \n (3.4) \n \n \n (3.4) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 42.4 \n \n \n (15.4) \n \n \n 27.0 \n \n \n 42.3 \n \n \n (9.4) \n \n \n 32.9 \n \n \n 97.2 \n \n \n (34.4) \n \n \n 62.8 \n \n \n \n \n Tax charge \n \n \n 8 \n \n \n (8.5) \n \n \n 2.4 \n \n \n (6.1) \n \n \n (10.5) \n \n \n 2.2 \n \n \n (8.3) \n \n \n (17.5) \n \n \n 8.3 \n \n \n (9.2) \n \n \n \n \n Profit for the period attributable to equity holders of the parent \n \n \n \n \n \n 33.9 \n \n \n (13.0) \n \n \n 20.9 \n \n \n 31.8 \n \n \n (7.2) \n \n \n 24.6 \n \n \n 79.7 \n \n \n (26.1) \n \n \n 53.6 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n Notes \n \n \n 2025 \n Pence \n \n \n   \n \n \n 2025 \n Pence \n \n \n 2024 \n Pence \n \n \n \n \n \n 2024 \n Pence \n \n \n 2024 \n Pence \n \n \n \n \n \n 2024 \n Pence \n \n \n \n \n Earnings per share - basic \n \n \n 10 \n \n \n 10.7 \n \n \n   \n \n \n 6.6 \n \n \n 10.1 \n \n \n \n \n \n 7.8 \n \n \n 25.3 \n \n \n \n \n \n 17.0 \n \n \n \n \n Earnings per share - diluted \n \n \n 10 \n \n \n 10.6 \n \n \n   \n \n \n 6.5 \n \n \n 10.0 \n \n \n \n \n \n 7.7 \n \n \n 24.9 \n \n \n \n \n \n 16.7 \n \n \n \n \n The above results were derived from continuing operations. Set out in note 18 is the reconciliation between the statutory and adjusted results. \n \n \n \n \n \n Consolidated statement of comprehensive income \n for the 6 months ended 30 June 2025 (6 months ended 30 June 2024 and year ended 31 December 2024) \n   \n \n \n \n \n \n \n \n   \n   \n   \n   \n notes \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n 20.9 \n \n \n 24.6 \n \n \n 53.6 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified to profit and loss: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Actuarial (loss)/gain on defined benefit pension schemes \n \n \n 13 \n \n \n (6.7) \n \n \n 29.8 \n \n \n 11.4 \n \n \n \n \n Tax on actuarial (loss)/gain on defined benefit pension schemes \n \n \n 8 \n \n \n 1.7 \n \n \n (7.5) \n \n \n (2.8) \n \n \n \n \n Share of items recognised by associates after tax \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Other comprehensive (loss)/income for the period \n \n \n   \n \n \n (5.0) \n \n \n 22.3 \n \n \n 8.6 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n   \n \n \n 15.9 \n \n \n 46.9 \n \n \n 62.2 \n \n \n \n \n   \n   \n Consolidated cash flow statement \n for the 6 months ended 30 June 2025 (6 months ended 30 June 2024 and year ended 31 December 2024) \n \n \n \n \n \n \n \n   \n   \n   \n   \n   \n notes \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n 11 \n \n \n 42.0 \n \n \n 43.1 \n \n \n 89.5 \n \n \n \n \n Pension deficit funding payments \n \n \n 13 \n \n \n (30.1) \n \n \n (31.0) \n \n \n (59.2) \n \n \n \n \n Pension payments into escrow \n \n \n 13 \n \n \n (2.3) \n \n \n - \n \n \n (1.9) \n \n \n \n \n Income tax received/(paid) \n \n \n \n \n \n 2.9 \n \n \n (1.8) \n \n \n (2.4) \n \n \n \n \n Net cash inflow from operating activities \n \n \n \n \n \n 12.5 \n \n \n 10.3 \n \n \n 26.0 \n \n \n \n \n Investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Interest received \n \n \n \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.2 \n \n \n \n \n Dividends received from associated undertakings \n \n \n \n \n \n - \n \n \n - \n \n \n 1.9 \n \n \n \n \n Proceeds on disposal of property, plant and equipment \n \n \n \n \n \n 2.1 \n \n \n 13.1 \n \n \n 14.6 \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (1.2) \n \n \n (0.4) \n \n \n (1.3) \n \n \n \n \n Expenditure on capitalised internally generated development \n \n \n 12 \n \n \n (5.7) \n \n \n (5.2) \n \n \n (10.5) \n \n \n \n \n Net cash (used in)/generated from investing activities \n \n \n \n \n \n (4.7) \n \n \n 7.6 \n \n \n 4.9 \n \n \n \n \n Financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Interest and charges paid on borrowings \n \n \n \n \n \n (2.1) \n \n \n (1.6) \n \n \n (3.9) \n \n \n \n \n Dividends paid \n \n \n 9 \n \n \n (14.1) \n \n \n (14.1) \n \n \n (23.2) \n \n \n \n \n Interest paid on leases \n \n \n \n \n \n (0.6) \n \n \n (0.6) \n \n \n (1.3) \n \n \n \n \n Repayments of obligations under leases \n \n \n \n \n \n (2.5) \n \n \n (3.8) \n \n \n (6.0) \n \n \n \n \n Purchase of own shares \n \n \n \n \n \n (0.3) \n \n \n - \n \n \n (0.6) \n \n \n \n \n Drawdown/(repayment) of borrowings \n \n \n \n \n \n 3.0 \n \n \n (5.0) \n \n \n 5.0 \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n (16.6) \n \n \n (25.1) \n \n \n (30.0) \n \n \n \n \n Net (decrease)/increase in cash and cash equivalents \n \n \n \n \n \n (8.8) \n \n \n (7.2) \n \n \n 0.9 \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n 14 \n \n \n 20.8 \n \n \n 19.9 \n \n \n 19.9 \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n 14 \n \n \n 12.0 \n \n \n 12.7 \n \n \n 20.8 \n \n \n \n \n \n \n \n Consolidated statement of changes in equity \n for the 6 months ended 30 June 2025 (6 months ended 30 June 2024 and year ended 31 December 2024) \n \n \n \n \n   \n   \n   \n   \n   \n \n \n   \n   \n Share \n capital \n £m \n \n \n   \n   \n Merger \n reserve \n £m \n \n \n   \n Capital \n redemption \n reserve \n £m \n \n \n Retained earnings and other reserves \n £m \n \n \n   \n   \n   \n Total \n £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2025 (audited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 624.6 \n \n \n 678.6 \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 20.9 \n \n \n 20.9 \n \n \n \n \n Other comprehensive loss for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n (5.0) \n \n \n (5.0) \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.9 \n \n \n 15.9 \n \n \n \n \n Purchase of own shares \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n (0.3) \n \n \n \n \n Credit to equity for equity-settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.6 \n \n \n 1.6 \n \n \n \n \n Dividends paid (note 9) \n \n \n - \n \n \n - \n \n \n - \n \n \n (14.1) \n \n \n (14.1) \n \n \n \n \n At 30 June 2025 (unaudited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 627.7 \n \n \n 681.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2024 (audited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 583.2 \n \n \n 637.2 \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 24.6 \n \n \n 24.6 \n \n \n \n \n Other comprehensive income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 22.3 \n \n \n 22.3 \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 46.9 \n \n \n 46.9 \n \n \n \n \n Credit to equity for equity-settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.9 \n \n \n 0.9 \n \n \n \n \n Dividends paid \n \n \n - \n \n \n - \n \n \n - \n \n \n (14.1) \n \n \n (14.1) \n \n \n \n \n At 30 June 2024 (unaudited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 616.9 \n \n \n 670.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2024 (audited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 583.2 \n \n \n 637.2 \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n                  53.6 \n \n \n            53.6 \n \n \n \n \n Other comprehensive income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 8.6 \n \n \n 8.6 \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 62.2 \n \n \n 62.2 \n \n \n \n \n Purchase of own shares \n \n \n \n \n \n \n \n \n \n \n \n (0.6) \n \n \n (0.6) \n \n \n \n \n Credit to equity for equity-settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.5 \n \n \n 2.5 \n \n \n \n \n Tax credit for equity settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.5 \n \n \n \n \n Dividends paid \n \n \n - \n \n \n - \n \n \n - \n \n \n               (23.2) \n \n \n (23.2) \n \n \n \n \n At 31 December 2024 (audited) \n \n \n 32.2 \n \n \n 17.4 \n \n \n 4.4 \n \n \n 624.6 \n \n \n 678.6 \n \n \n \n \n \n \n \n Consolidated balance sheet \n at 30 June 2025 (at 30 June 2024 and 31 December 2024) \n \n \n \n \n \n \n \n   \n   \n   \n notes \n \n \n   \n 30 June \n 2025 (unaudited) \n £m \n \n \n   \n 30 June \n 2024 (unaudited) \n £m \n \n \n   \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n 12 \n \n \n 35.9 \n \n \n 35.9 \n \n \n 35.9 \n \n \n \n \n Other intangible assets \n \n \n 12 \n \n \n 844.8 \n \n \n 842.5 \n \n \n 843.3 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 101.4 \n \n \n 108.7 \n \n \n 104.2 \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n 8.6 \n \n \n 12.1 \n \n \n 9.9 \n \n \n \n \n Investment in associates \n \n \n \n \n \n 14.6 \n \n \n 15.1 \n \n \n 14.1 \n \n \n \n \n Retirement benefit assets \n \n \n 13 \n \n \n 65.1 \n \n \n 73.8 \n \n \n 72.4 \n \n \n \n \n \n \n \n \n \n \n 1,070.4 \n \n \n 1,088.1 \n \n \n 1,079.8 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 11.9 \n \n \n 8.0 \n \n \n 10.2 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 81.7 \n \n \n 81.1 \n \n \n 87.6 \n \n \n \n \n Current tax receivable \n \n \n 8 \n \n \n 1.7 \n \n \n 8.3 \n \n \n 6.6 \n \n \n \n \n Cash and cash equivalents \n \n \n 14 \n \n \n 12.0 \n \n \n 12.7 \n \n \n 20.8 \n \n \n \n \n Other financial assets \n \n \n 13 \n \n \n 4.2 \n \n \n - \n \n \n 1.9 \n \n \n \n \n   \n \n \n \n \n \n 111.5 \n \n \n 110.1 \n \n \n 127.1 \n \n \n \n \n Assets classified as held for sale \n \n \n 15 \n \n \n 0.4 \n \n \n 2.5 \n \n \n 2.6 \n \n \n \n \n   \n \n \n \n \n \n 111.9 \n \n \n 112.6 \n \n \n 129.7 \n \n \n \n \n Total assets \n \n \n \n \n \n 1,182.3 \n \n \n 1,200.7 \n \n \n 1,209.5 \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 14 \n \n \n (20.3) \n \n \n (26.5) \n \n \n (23.0) \n \n \n \n \n Retirement benefit obligations \n \n \n 13 \n \n \n (92.2) \n \n \n (119.9) \n \n \n (117.7) \n \n \n \n \n Provisions \n \n \n 16 \n \n \n (20.0) \n \n \n (20.2) \n \n \n (21.5) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (212.3) \n \n \n (214.1) \n \n \n (210.3) \n \n \n \n \n \n \n \n \n \n \n (344.8) \n \n \n (380.7) \n \n \n (372.5) \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (101.7) \n \n \n (104.1) \n \n \n (105.3) \n \n \n \n \n Borrowings \n \n \n 14 \n \n \n (38.0) \n \n \n (25.0) \n \n \n (35.0) \n \n \n \n \n Lease liabilities \n \n \n 14 \n \n \n (4.5) \n \n \n (4.0) \n \n \n (4.3) \n \n \n \n \n Provisions \n \n \n 16 \n \n \n (11.6) \n \n \n (16.0) \n \n \n (13.8) \n \n \n \n \n \n \n \n \n \n \n (155.8) \n \n \n (149.1) \n \n \n (158.4) \n \n \n \n \n Total liabilities \n \n \n \n \n \n (500.6) \n \n \n (529.8) \n \n \n (530.9) \n \n \n \n \n Net assets \n \n \n \n \n \n 681.7 \n \n \n 670.9 \n \n \n 678.6 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 17 \n \n \n 32.2 \n \n \n 32.2 \n \n \n 32.2 \n \n \n \n \n Merger reserve \n \n \n 17 \n \n \n 17.4 \n \n \n 17.4 \n \n \n 17.4 \n \n \n \n \n Capital redemption reserve \n \n \n 17 \n \n \n 4.4 \n \n \n 4.4 \n \n \n 4.4 \n \n \n \n \n Retained earnings and other reserves \n \n \n 17 \n \n \n 627.7 \n \n \n 616.9 \n \n \n 624.6 \n \n \n \n \n Total equity attributable to equity holders of the parent \n \n \n   \n \n \n 681.7 \n \n \n 670.9 \n \n \n 678.6 \n \n \n \n \n \n \n \n Notes to the consolidated financial statements \n for the 6 months ended 30 June 2025 (6 months ended 30 June 2024 and year ended 31 December 2024) \n 1.            General information \n The financial information in respect of the year ended 31 December 2024 does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. A copy of the statutory accounts for that period has been delivered to the Registrar of Companies and is available at the Company's registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company's website at www.reachplc.com. The auditors' report was unqualified, did not include reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. \n The financial information for the 6 months ended 30 June 2025 and the 6 months ended 30 June 2024 do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been audited. No statutory accounts for these periods have been delivered to the Registrar of Companies. This half-yearly financial report constitutes a dissemination announcement in accordance with Section 6.3 of the Disclosure and Transparency Rules. \n The auditors, PricewaterhouseCoopers LLP, have carried out a review of the condensed consolidated interim set of financial statements and their report is set out at the end of this announcement. \n The half-yearly financial report was approved for issue by the directors on 24 July 2025. This announcement is available at the Company's registered office at One Canada Square, Canary Wharf, London E14 5AP and on the Company's website at www.reachplc.com. \n 2.            Accounting policies \n Basis of preparation \n The Group's annual consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The condensed consolidated financial statements included in this half-yearly financial report have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. Taxes on income in the interim period are accrued using the tax rate that would be applicable to the expected total annual profit or loss for the year. There are no material changes to the nature and type of related party transactions since the 2024 Annual Report. \n Going concern \n The directors assessed the Group's prospects, both as a going concern and its longer term viability, at the time of approval of the Group's 2024 Annual Report. Further information is set out in the Reach plc 2024 Annual Report. \n At the half year, the directors have reviewed the going concern assessment, with a particular focus on the market-wide decline in print volumes, the impact of actions of dominant platforms on referral traffic and our yield performance. The Group undertakes regular forecasts and projections of trading, identifying areas of focus for management to improve delivery of the Strategy. The Group has a strong balance sheet and liquidity with a cash balance of £12.0m. The Group has drawn £38.0m of its revolving credit facility which expires on 12 December 2028 (including an option to extend by up to one year), with an additional £107.0m remaining available. \n Accordingly, the directors have adopted the going concern basis of accounting in the preparation of the Group's half-yearly financial report. \n Changes in accounting policy \n The same accounting policies, presentation and methods of computation are followed in the condensed consolidated interim financial statements as applied in the Group's latest annual consolidated financial statements. \n Alternative performance measures \n The Company presents the results on a statutory and adjusted basis and revenue trends on a statutory and where applicable, like-for-like basis. The Company believes that the adjusted basis and like-for-like trends will provide investors with useful supplemental information about the financial performance of the Group, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key performance indicators used by management in operating the Group and making decisions. Although management believes the adjusted basis is important in evaluating the Group, they are not intended to be considered in isolation or as a substitute for, or as superior to, financial information on a statutory basis. Revenue trends on an actual and like-for-like basis are the same for the 6 months ended 30 June 2025. The alternative performance measures are not recognised measures under IFRS and do not have standardised meanings prescribed by IFRS and may be different to those used by other companies, limiting the usefulness for comparison purposes. Note 18 sets out the reconciliation between the statutory and adjusted results. An adjusted cash flow is presented in note 19 which reconciles the adjusted operating profit to the net change in cash and cash equivalents. Set out in note 20 is the reconciliation between the statutory and adjusted cash flow. \n Adjusted items \n Adjusted items relate to costs or income that derive from events or transactions that fall within the normal activities of the Group, but are excluded from the Group's adjusted profit measures, individually or, if of a similar type in aggregate, due to their size and/or nature in order to better reflect management's view of the performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Details of adjusted items are set out in notes 5 and 18. \n Key sources of estimation uncertainty \n The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: \n   \n Historical Legal Issues (note 16) \n The historical legal issues provision relates to the cost associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering. The provision consists of known claims and the associated costs. The key uncertainties in relation to this matter relate to how each claim progresses, the amount of any settlement and the associated legal costs. Our assumptions have been based on historical trends, our experience and the expected evolution of claims and costs. \n In December 2023, a judgment was handed down in respect of four test claims and as a result all claims issued after 31 October 2020 are now likely to be dismissed as time barred, other than where individuals can demonstrate specific exceptional circumstances. This significantly reduced the amounts that are expected to be paid out. On 17 May 2024, the Claimants' Application for Permission to Appeal that decision was refused. This means that the Judge's ruling on limitation stands and no further appeal against it is possible. This provides us with further certainty in respect of the level of our provisioning. Whilst a large number of claimants have voluntarily discontinued their cases since the 2023 judgment, a further 4 test claims have been selected with the intention of finally resolving the issue of limitation across all claims, and a trial has been listed to take place in January 2026. There have been no changes to the provision other than settlements made during the period. The majority of the provision is expected to be utilised within the next two years. \n Our view on the range of outcomes at the reporting date for the provision, applying more and less favourable outcomes to all aspects of the provision is £3m to £15m (30 June 2024: £7m to £16m and 31 December 2024: £4m to £16m). Despite making a best estimate, the timing of utilisation and ongoing legal matters related to the provided for claims could mean that the final outcome is outside of the range of outcomes. \n Retirement benefits (note 13) \n Actuarial assumptions adopted and external factors can significantly impact the surplus or deficit of defined benefit pension schemes. Valuations for funding and accounting purposes are based on assumptions about future economic and demographic variables. These result in risk of a volatile valuation deficit and the risk that the ultimate cost of paying benefits is higher than the current assessed liability value. Advice is sourced from independent and qualified actuaries in selecting suitable assumptions at each reporting date. \n Impairment review (note 12) \n There is uncertainty in the value-in-use calculation. The most significant area of uncertainty relates to expected future cash flows for each cash-generating unit. Determining whether the carrying values of assets in a cash-generating unit are impaired requires an estimation of the value in use of the cash-generating unit to which these have been allocated. The value-in-use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Projections are based on both internal and external market information and reflect past experience. The discount rate reflects the weighted average cost of capital of the Group. The Group tests the carrying value of assets at the cash-generating unit level for impairment annually or more frequently if there are indicators that assets might be impaired. For the 6 months to 30 June 2025, there have been no indicators of impairment and therefore no review has been undertaken. \n Property provisions (note 16) \n Provisions are measured at the best estimate of the expenditure required to settle the obligation based on the assessment of the related facts and circumstances at each reporting date. There is uncertainty in relation to the size and period over which the provision will be utilised and this is dependent on our ability to sublease the vacant properties. We have assumed no subletting but if this were to change, there could be a material impact on the provision. \n Critical judgements in applying the Group's accounting policies \n In the process of applying the Group's accounting policies, described above, management has made the following judgements that have the most significant effect on the amounts recognised in the financial statements: \n Indefinite life assumption in respect of publishing rights and titles (note 12) \n There is judgement required in continuing to adopt an indefinite life assumption in respect of publishing rights and titles. The directors consider publishing rights and titles (with a carrying amount of £818.7m) have indefinite economic lives due to the longevity of the brands and the ability to evolve them in an ever-changing media landscape. The brands are central to the delivery of the Customer Value Strategy which is delivering digital revenue growth. At each reporting date management review the suitability of this assumption. \n Identification of cash-generating units (note 12) \n There is judgement required in determining the cash-generating unit relating to our Publishing brands. At each reporting date management review the interdependency of revenues across our portfolio of Publishing brands to determine the appropriate cash-generating unit. The Group operates its Publishing brands such that a majority of the revenues are interdependent, and revenue would be materially lower if brands operated in isolation. As such, management do not consider that an impairment review at an individual brand level is appropriate or practical. As the Group continues to centralise revenue generating functions and has moved to a matrix operating structure over the past few years, all of the individual brands in Publishing have increased revenue interdependency and are assessed for impairment as a single Publishing cash-generating unit. \n Historical Legal Issues (note 16) \n Following the judgment handed down on 15 December 2023, all claims issued after 31 October 2020 are now likely to be considered time barred and subsequently dismissed, other than where individuals can demonstrate there were exceptional circumstances why they could not have been aware of their putative claims. \n Subsequently, the test claimants' application for permission to appeal was refused by the trial judge on 9 February 2024, with claimants having a further short period to apply for permission to appeal to the Court of Appeal. On 17 May 2024, the Application for Permission to Appeal was refused by the Court of Appeal. This means that the Judge's ruling on limitation stands and no further appeal against the test claims being time barred is possible. As such no contingent liability has been disclosed in the accounts. \n 3.            Segments \n The performance of the Group is presented as a single reporting segment as this is the basis of internal reports regularly reviewed by the Board and chief operating decision maker (executive directors) to allocate resources and to assess performance. The Group's operations are primarily located in the UK and the Group is not subject to significant seasonality during the year. \n 4.            Revenue \n \n \n \n \n   \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Print \n \n \n 194.1 \n \n \n 204.0 \n \n \n 406.7 \n \n \n \n \n    Circulation \n \n \n 144.3 \n \n \n 149.9 \n \n \n 298.5 \n \n \n \n \n    Advertising \n \n \n 27.7 \n \n \n 32.7 \n \n \n 65.4 \n \n \n \n \n    Printing \n \n \n 8.6 \n \n \n 8.8 \n \n \n 17.3 \n \n \n \n \n    Other \n \n \n 13.5 \n \n \n 12.6 \n \n \n 25.5 \n \n \n \n \n Digital \n \n \n 61.1 \n \n \n 60.0 \n \n \n 130.0 \n \n \n \n \n Other \n \n \n 0.8 \n \n \n 1.0 \n \n \n 1.9 \n \n \n \n \n Total revenue \n \n \n 256.0 \n \n \n 265.0 \n \n \n 538.6 \n \n \n \n \n The Group's operations are located primarily in the UK. \n 5.            Operating adjusted items \n \n \n \n \n   \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Restructuring charges in respect of cost reduction measures (note 16) \n \n \n (4.2) \n \n \n (2.7) \n \n \n (8.0) \n \n \n \n \n Pension administrative expenses and past service costs (note 13) \n \n \n (4.9) \n \n \n (2.4) \n \n \n (9.7) \n \n \n \n \n Property-related items (note 18) \n \n \n (0.4) \n \n \n 2.0 \n \n \n 1.1 \n \n \n \n \n Other items (note 18) \n \n \n (4.9) \n \n \n (3.9) \n \n \n (10.2) \n \n \n \n \n Operating adjusted items included in administrative expenses \n \n \n (14.4) \n \n \n (7.0) \n \n \n (26.8) \n \n \n \n \n Operating adjusted items included in share of results of associates \n \n \n (0.7) \n \n \n (0.7) \n \n \n (1.3) \n \n \n \n \n Total operating adjusted items \n \n \n (15.1) \n \n \n (7.7) \n \n \n (28.1) \n \n \n \n \n \n Operating adjusted items relate to costs or income that derive from events or transactions that fall within the normal activities of the Group, but are excluded from the Group's adjusted profit measures, individually or, if of a similar type in aggregate, due to their size and/or nature in order to better reflect management's view of the performance of the Group. The adjusted profit measures are not recognised profit measures under IFRS and may not be directly comparable with adjusted profit measures used by other companies. Set out in note 18 is the reconciliation between the statutory and adjusted results which includes descriptions of the items included in adjusted items. \n The Group estimates for historical legal issues are unchanged. As a result, there is no increase in the provision relating to the costs associated with resolving civil claims in relation to historical phone hacking and unlawful information gathering (6 months ended 30 June 2024: no change and year ended 31 December 2024: no change) (note 16). \n Restructuring charges of £4.2m (6 months ended 30 June 2024: £2.7m and year ended 31 December 2024: £8.0m) principally relate to in-year cost management actions taken in the period. \n Pension costs of £4.9m (6 months ended 30 June 2024: £2.4m and year ended 31 December 2024: £9.7m) comprise external pension administrative expenses of £2.7m (6 months ended 30 June 2024: £2.4m and year ended 31 December 2024: £4.7m) alongside the additional one-off past service cost of £2.2m representing a Barber Window adjustment attributable to the Trinity Retirement Benefit Scheme (the 'Trinity Scheme'). The one-off past service cost of £5.0m for the year ended 31 December 2024 related to a Barber Window equalisation adjustment identified by the Trustees of the West Ferry Printers Pension Scheme (the 'WF Scheme') during 2024. \n Property-related items comprise the loss on sale of assets of £0.1m (6 months ended 30 June 2024: profit of £4.1m and year ended 31 December 2024: profit of £5.5m), vacant freehold property-related costs of £0.2m (6 months ended 30 June 2024: £1.1m and year ended 31 December 2024: £1.5m) and onerous lease and related costs of £0.1m (6 months ended 30 June 2024: £1.0m and year ended 31 December 2024: £2.8m). The year ended 31 December 2024 also included the impairment of vacant freehold property costs of £0.1m. \n Other adjusted items comprise adviser costs in relation to the defined benefit pension schemes of £3.0m (6 months ended 30 June 2024: £1.7m and year ended 31 December 2024: £6.1m), other restructuring-related project costs of £1.3m (6 months ended 30 June 2024: £1.4m and year ended 31 December 2024: £2.1m), corporate simplification costs of £0.3m (6 months ended 30 June 2024: £0.3m and year ended 31 December 2024: £0.5m), internal defined benefit pension administrative expenses of £0.2m (6 months ended 30 June 2024: £0.2m and year ended 31 December 2024: £0.5m) and the Group's net legal fees in respect of historical legal issues of £0.1m (6 months ended 30 June 2024: £0.3m and year ended 31 December 2024: £1.0m). \n 6.            Interest income \n \n \n \n \n   \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n Interest income on bank deposits \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.2 \n \n \n \n \n Interest income \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.2 \n \n \n \n \n 7.            Finance costs \n \n \n \n \n   \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Interest and charges on borrowings \n \n \n (1.9) \n \n \n (1.7) \n \n \n (4.0) \n \n \n \n \n Interest on lease liabilities \n \n \n (0.6) \n \n \n (0.6) \n \n \n (1.3) \n \n \n \n \n Adjusted finance costs \n \n \n (2.5) \n \n \n (2.3) \n \n \n (5.3) \n \n \n \n \n Other interest costs (note 8) \n \n \n - \n \n \n - \n \n \n (2.9) \n \n \n \n \n Finance costs \n \n \n (2.5) \n \n \n (2.3) \n \n \n (8.2) \n \n \n \n \n 8.            Tax charge \n \n \n \n \n   \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Corporation tax charge for the period \n \n \n (2.4) \n \n \n (1.8) \n \n \n (2.1) \n \n \n \n \n Prior period adjustment \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n \n \n Current tax charge \n \n \n (2.4) \n \n \n (1.8) \n \n \n (1.5) \n \n \n \n \n Deferred tax charge for the period \n \n \n (3.7) \n \n \n (6.5) \n \n \n (10.8) \n \n \n \n \n Prior period adjustment \n \n \n - \n \n \n - \n \n \n 3.1 \n \n \n \n \n Deferred tax charge \n \n \n (3.7) \n \n \n (6.5) \n \n \n (7.7) \n \n \n \n \n Tax charge \n \n \n (6.1) \n \n \n (8.3) \n \n \n (9.2) \n \n \n \n \n   \n \n \n \n \n Reconciliation of tax charge \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Year ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n Profit before tax \n \n \n 27.0 \n \n \n 32.9 \n \n \n 62.8 \n \n \n \n \n Standard rate of corporation tax of 25.0% (2024: 25.0%) \n \n \n (6.8) \n \n \n (8.2) \n \n \n (15.7) \n \n \n \n \n Tax effect of permanent items that are not included in determining taxable profit \n \n \n - \n \n \n 0.1 \n \n \n 1.8 \n \n \n \n \n Variance in overseas tax rates \n \n \n 0.6 \n \n \n 0.6 \n \n \n 1.2 \n \n \n \n \n Deferred tax not recognised \n \n \n - \n \n \n (0.9) \n \n \n (9.0) \n \n \n \n \n Prior period adjustment \n \n \n - \n \n \n - \n \n \n 3.7 \n \n \n \n \n Capital loss on disposal of property \n \n \n - \n \n \n - \n \n \n 8.4 \n \n \n \n \n Tax effect of share of results of associates \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.4 \n \n \n \n \n Tax charge \n \n \n (6.1) \n \n \n (8.3) \n \n \n (9.2) \n \n \n \n \n The standard rate of corporation tax for the period is 25.0% (2024: 25.0%). The reduction in the current tax receivable during the period is primarily driven by the receipt of £4.8m relating to residual overpayments previously held with HMRC following the agreement of the deductibility of certain costs. £2.9m of related interest (note 7) was recognised in 2024 upon agreement of this position, reducing the current tax receivable. \n The tax on actuarial gains or losses on defined benefit pension schemes taken to the consolidated statement of comprehensive income is a deferred tax credit of £1.7m (6 months ended 30 June 2024: charge of £7.5m and year ended 31 December 2024: charge of £2.8m). \n 9.            Dividends \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n Pence \n Per share \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n Pence \n Per share \n \n \n Year ended \n  31 December 2024 \n  (audited) \n Pence \n Per share \n \n \n \n \n \n \n Amounts recognised as distributions to equity holders in the period \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Dividends paid per share - prior year final dividend \n \n \n 4.46 \n \n \n 4.46 \n \n \n 4.46 \n \n \n \n \n Dividends paid per share - interim dividend \n \n \n - \n \n \n - \n \n \n 2.88 \n \n \n \n \n Total dividends paid per share \n \n \n 4.46 \n \n \n 4.46 \n \n \n 7.34 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Dividend proposed per share but not paid nor included in the accounting records \n \n \n 2.88 \n \n \n 2.88 \n \n \n 4.46 \n \n \n \n \n   \n The Board has approved an interim dividend for 2025 of 2.88 pence per share. \n On 1 May 2025, the final dividend proposed for 2024 of 4.46 pence per share was approved by shareholders at the Annual General Meeting and was paid on 30 May 2025. The total dividend payment amounted to £14.1m. \n 10.          Earnings per share \n Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the parent by the weighted average number of ordinary shares during the period and diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all potentially dilutive ordinary shares. \n   \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2025 (unaudited) \n Thousand \n \n \n 6 months ended \n 30 June \n 2024 (unaudited) \n Thousand \n \n \n Year ended \n  31 December 2024 \n (audited) \n Thousand \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Weighted average number of ordinary shares for basic earnings per share \n \n \n 315,863 \n \n \n 315,171 \n \n \n 315,352 \n \n \n \n \n Effect of potential dilutive ordinary shares in respect of share awards \n \n \n 3,573 \n \n \n 3,253 \n \n \n 4,582 \n \n \n \n \n Weighted average number of ordinary shares for diluted earnings per share \n \n \n 319,436 \n \n \n 318,424 \n \n \n 319,934 \n \n \n \n \n The weighted average number of potentially dilutive ordinary shares not currently dilutive was 10,404,299 (30 June 2024: 6,632,678 and 31 December 2024: 7,625,633). \n   \n \n \n \n \n Statutory earnings per share \n \n \n   \n 6 months ended \n 30 June \n 2025 \n (unaudited) \n Pence \n \n \n   \n 6 months ended \n 30 June \n 2024 \n (unaudited) \n Pence \n \n \n   \n Year ended \n  31 December \n 2024 \n (audited) \n Pence \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Earnings per share - basic \n \n \n 6.6 \n \n \n 7.8 \n \n \n 17.0 \n \n \n \n \n Earnings per share - diluted \n \n \n 6.5 \n \n \n 7.7 \n \n \n 16.7 \n \n \n \n \n   \n \n \n \n \n Adjusted earnings per share \n \n \n   \n 6 months ended \n 30 June \n 2025 \n (unaudited) \n Pence \n \n \n   \n 6 months ended \n 30 June \n 2024 \n (unaudited) \n Pence \n \n \n   \n Year ended \n  31 December \n 2024 \n (audited) \n Pence \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Earnings per share - basic \n \n \n 10.7 \n \n \n 10.1 \n \n \n 25.3 \n \n \n \n \n Earnings per share - diluted \n \n \n 10.6 \n \n \n 10.0 \n \n \n 24.9 \n \n \n \n \n Set out in note 18 is the reconciliation between the statutory and adjusted results. \n 11.          Cash generated from operations \n \n \n \n \n \n \n \n 6 months \n  ended \n 30 June \n 2025 (unaudited) \n £m \n \n \n 6 months \n  ended \n 30 June \n 2024 (unaudited) \n £m \n \n \n Years \n  ended \n  31 December 2024 \n (audited) \n £m \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Operating profit \n \n \n 29.7 \n \n \n 36.8 \n \n \n 74.2 \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 4.2 \n \n \n 4.8 \n \n \n 9.4 \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 1.3 \n \n \n 1.4 \n \n \n 2.8 \n \n \n \n \n Amortisation of other intangible assets \n \n \n 4.2 \n \n \n 3.5 \n \n \n 7.4 \n \n \n \n \n Impairment of property, plant and equipment \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n \n \n Impairment of right-of-use assets \n \n \n - \n \n \n 0.6 \n \n \n 0.9 \n \n \n \n \n Impairment of other intangible assets \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n \n \n Loss/(profit) on disposal of property, plant and equipment \n \n \n 0.1 \n \n \n (4.1) \n \n \n (5.5) \n \n \n \n \n Profit on early termination of leases \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n \n \n Share of results of associates \n \n \n (0.5) \n \n \n (0.6) \n \n \n (1.5) \n \n \n \n \n Share-based payments charge \n \n \n 1.1 \n \n \n 0.9 \n \n \n 2.5 \n \n \n \n \n Pension administrative expenses and past service costs \n \n \n 4.9 \n \n \n 2.4 \n \n \n 9.7 \n \n \n \n \n Operating cash flows before movements in working capital \n \n \n 45.0 \n \n \n 45.7 \n \n \n 100.6 \n \n \n \n \n (Increase)/decrease in inventories \n \n \n (1.7) \n \n \n 3.4 \n \n \n 1.2 \n \n \n \n \n Decrease/(increase) in receivables \n \n \n 5.7 \n \n \n 3.7 \n \n \n (2.6) \n \n \n \n \n Decrease in payables \n \n \n (7.0) \n \n \n (9.7) \n \n \n (9.7) \n \n \n \n \n Cash generated from operations \n \n \n 42.0 \n \n \n 43.1 \n \n \n 89.5 \n \n \n \n \n 12.          Goodwill and other intangible assets \n \n \n \n \n \n \n \n   \n \n \n Other intangible assets \n \n \n   \n \n \n \n \n \n \n \n Goodwill \n \n \n Publishing rights \n  and titles \n \n \n Internally generated assets \n \n \n Total \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Cost \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2025 (audited) \n \n \n 189.9 \n \n \n 2,100.3 \n \n \n 40.0 \n \n \n 2,330.2 \n \n \n \n \n Additions \n \n \n - \n \n \n - \n \n \n 5.7 \n \n \n 5.7 \n \n \n \n \n At 30 June 2025 (unaudited) \n \n \n 189.9 \n \n \n 2,100.3 \n \n \n 45.7 \n \n \n 2,335.9 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Accumulated amortisation and impairment \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 1 January 2025 (audited) \n \n \n (154.0) \n \n \n (1,281.6) \n \n \n (15.4) \n \n \n (1,451.0) \n \n \n \n \n Charge for the period \n \n \n - \n \n \n - \n \n \n (4.2) \n \n \n (4.2) \n \n \n \n \n At 30 June 2025 (unaudited) \n \n \n (154.0) \n \n \n (1,281.6) \n \n \n (19.6) \n \n \n (1,455.2) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Carrying amount \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 31 December 2024 (audited) \n \n \n 35.9 \n \n \n 818.7 \n \n \n 24.6 \n \n \n 879.2 \n \n \n \n \n At 30 June 2025 (unaudited) \n \n \n 35.9 \n \n \n 818.7 \n \n \n 26.1 \n \n \n 880.7 \n \n \n \n \n During the period, the Group capitalised internally generated assets relating to software and website development costs of £5.7m (6 months ended 30 June 2024: £5.2m and year ended 31 December 2024: £10.5m). These assets are amortised using the straight-line method over their estimated useful lives (3-5 years). \n Publishing rights and titles are not amortised. There is judgement required in continuing to adopt an indefinite life assumption in respect of publishing rights and titles. The directors consider publishing rights and titles (with a carrying amount of £818.7m) have indefinite economic lives due to the longevity of the brands and the ability to evolve them in an ever-changing media landscape. The brands are central to the delivery of the Customer Value Strategy which is delivering digital revenue growth. This, combined with our inbuilt and relentless focus on maximising efficiency, gives confidence that the delivery of sustainable growth in revenue, profit and cash flow is achievable in the future. \n There is judgement required in determining the cash-generating units. At each reporting date, management reviews the interdependency of revenues across our Publishing brands to determine the appropriate cash-generating unit. The Group operates its Publishing brands such that a majority of the revenues are interdependent and revenue would be materially lower if brands operated in isolation. As such, management does not consider that an impairment review at an individual brand level is appropriate or practical. As the Group continues to centralise revenue generating functions and has moved to a matrix operating structure over the past few years all of the individual brands in Publishing have increased revenue interdependency and are assessed for impairment as a single Publishing cash-generating unit. \n The Group tests the carrying value of assets at the cash-generating unit level for impairment annually or more frequently if there are indicators that assets might be impaired. The review is undertaken by assessing whether the carrying value of assets is supported by their value-in-use which is calculated as the net present value of future cash flows derived from those assets, using cash flow projections. If an impairment charge is required this is allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to the other assets of the cash-generating unit but subject to not reducing any asset below its recoverable amount. No indicators have been identified as at 30 June 2025. The last annual impairment test was undertaken as at 31 December 2024. The details of the impairment assessment are included in note 16 of the 2024 Annual Report. \n 13.          Retirement benefit schemes \n Defined contribution pension schemes \n The Group operates defined contribution pension schemes for qualifying employees, where the assets of the schemes are held separately from those of the Group in funds under the control of Trustees. \n The current service cost charged to the consolidated income statement for the period of £7.9m (6 months ended 30 June 2024: £7.8m and year ended 31 December 2024: £15.8m) represents contributions paid by the Group at rates specified in the scheme rules. All amounts that were due have been paid over to the schemes at all reporting dates. \n Defined benefit pension schemes \n Background \n The defined benefit pension schemes operated by the ...

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