Reach LON: RCH used its 2026 annual general meeting to outline progress on its strategy to diversify revenues beyond digital advertising, while also flagging continued headwinds from changes in online referral traffic and reaffirming full-year expectations.
Chair highlights strategy and community impact
Chairman Nick Prettejohn told shareholders the board remains encouraged by the group’s progress amid “significant geopolitical complexity” and what he described as “accelerated changes in referral traffic” affecting media businesses. Prettejohn said the company has advanced its digital capabilities and maintained a focus on long-term value while “carefully controlling” costs.
He said the board has worked closely with CEO Piers North, who was appointed last year, to confirm updated strategic priorities and noted early progress in areas including video and digital subscriptions. Prettejohn also pointed to the adoption of the “Where People Live” brand proposition, which he said aligns teams and audiences around Reach’s community presence and insight into readers’ values and interests.
As examples of Reach titles’ impact, Prettejohn cited the Manchester Evening News’ “Awaab’s Law” campaign, which he said “passed into law in the autumn,” and the Express team’s British Journalism Award for its assisted dying campaign.
On sustainability and inclusion, Prettejohn highlighted the company’s first near-term science-based targets announced last spring and a second cohort with The King’s Trust aimed at improving access to journalism careers for underprivileged and underrepresented groups.
CEO: diversification is essential as online landscape shifts
North said the publishing sector is facing a rapidly changing online environment, including the rise of large language models and AI platforms, shifts toward “non-web browser consumption,” and social media evolving into more of a broadcast medium. He said the company must diversify revenues beyond an ad-led digital model.
North reiterated Reach’s three strategic priorities launched last summer, centered on connecting with audiences, diversifying revenues (including subscriptions and video), and embracing technology and AI across the organization. “It’s become clear…that the need for diversification is absolutely essential,” he said.
2025 performance and subscription rollout
Reviewing 2025, North said Reach delivered “a good financial performance” with “growing profits and a market-leading operating margin of 20%.” He added that the company took “decisive action” on operational decisions, including cost management and print facility changes announced previously.
North said owned-and-operated browser audiences grew early in 2025 but declined abruptly in the second half as referral patterns changed, a trend he said has continued. He described the drop-off in referral traffic—“mainly from the Google changes”—as a major factor, but said the company’s “digital held up at GBP 129 million” despite the disruption.
On subscriptions, North said Reach launched premium digital subscriptions last July and has rolled them out on 11 titles, beginning with the Manchester Evening News and followed by titles including WalesOnline, the Daily Record, and The Express. He said the company had set a target of 75,000 subscriptions for the year and had “just ticked over 30,000 subscribers” on launched titles. North said The Mirror and the Daily Star are scheduled to launch next month, adding that the company is focused not only on launching but also refining the product to support retention.
Q1 trading: digital revenue down, outlook cautious
North provided a Q1 trading update covering the three months to the end of March 2026. He said digital revenue declined “just over 8%,” primarily due to lower referral volumes from Google, which reduced on-platform audiences and affected digital revenue “despite the headway” in strategic areas such as subscriptions.
Elsewhere, he said print and advertising revenues were “more reliable,” with a 6.6% decrease that was supported by strong promotional activity and a cover price increase. North said on-platform audiences had shown “signs of stabilization in recent weeks,” but the company remains cautious on the outlook for digital revenues this year.
North said Reach remains confident in delivering its planned reduction in operating costs and is “on track to deliver in line with market expectations for the full year,” with a further update to come at half-year results in July.
Shareholder questions: costs, print, pensions, offices and asset sales
During questions, Chris Morley, Northern and Midlands senior organiser at the National Union of Journalists (NUJ), welcomed the shift to digital subscriptions but warned that quality journalism and adequate staffing would be key to persuading readers to pay. He asked what a planned 5%–6% reduction to the cost base could mean for journalist redundancies and whether profit expectations would be met through revenue growth or further cost cutting.
North said the company is “managing our cost base appropriately,” pointing to print consolidation steps, and said management remains focused on growing digital revenue while continuing to monitor costs. He noted that people are the company’s “biggest single cost base.”
Shareholder Mr. Bedell questioned whether investments in video and digital were “vanity projects” given that he said print represented three-quarters of revenue and profit, and raised concerns about cover prices. North responded that Reach will “nurture print” while emphasizing that the print industry is in “structural decline,” making digital growth essential over the long term. He also said print value is supported by promotions and offers in addition to content.
On pensions, Mr. Bedell raised concerns about declining contribution amounts and trustee decisions. CFO Darren Fisher said there were “a lot of misconceptions,” adding that the company is working closely with pension schemes toward being “fully insured” as the most secure outcome for members. He said one scheme, TRBS, had entered a full buy-in in Q1, calling it “a massively positive step.” Fisher said insurer selection was a trustee decision and explained that contribution schedules referenced by Mr. Bedell were set in the 2022 triennial review and are designed to reach a technical fully funded position, with the 2025 triennial review now beginning.
NUJ proxy Andy Smith asked how Reach will continue to provide value to print readers following the sale of two print sites, which he said had affected deadlines for some titles, and asked how long the company expects to print newspapers at scale. North said Reach continues to invest in print, citing initiatives such as extra weekend pagination and puzzles, while acknowledging the print audience is shrinking. He said the company would keep print’s long-term outlook under review but would continue to service existing demand.
Mr. Bedell also asked about the share price and dividends, as well as office costs at Canary Wharf and proceeds from print site sales. North said it would be inappropriate to speculate on the share price during the meeting, adding that the market is “super interested” in Reach’s digital growth strategy and that improving digital performance is key.
Fisher said the company’s print rationalization reduced the estate by two sites, leaving Oldham as the sole facility, and that the move to a JV Newsprinters arrangement was supported by a “very strong business case,” with an expected payback in two years. He said the sites will be marketed this year with disposal hoped for next year, and that dividends are the primary way cash returns are delivered to shareholders.
On Canary Wharf, Fisher said Reach has a lease through to the end of 2028 and is reviewing future options, adding that Canary Wharf is “probably actually quite competitive.” He said the company expects to release an unused second floor, which would provide a benefit.
About Reach LON: RCH
Reach plc is the UK's and Ireland's largest commercial news publisher. It is home to over 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.
With a purpose to enlighten, empower and entertain through brilliant journalism, these brands deliver the latest news, entertainment and sport to communities throughout the UK and Ireland and around the world every day. It's proudly mainstream and each trusted title is a platform to represent and campaign for the voices of the communities they serve and to hold power to account.
Reach is transforming how it delivers value to stakeholders, evolving and growing a digitally-focused business while maintaining strong foundations in print.
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