Summary
Reach plc's six-month revenues fell to £232.9m, with print revenue down 8.3% and digital revenue down 11.4%, largely due to reduced Google referral traffic causing a 40% drop in page views. The publisher, which operates 120 brands including Manchester Evening News and the Mirror, cut operating costs by 10.3% through restructuring, redundancies and rationalisation of its print production network.
Adjusted operating profit declined modestly to £43m despite the revenue fall, with the operating margin improving to 18.5%. Management has halved the interim dividend to 1.44 pence per share to direct capital towards digital subscriptions and video content, aiming to reduce reliance on search engine referrals and build direct audience engagement. Share price fell 23% on the results announcement.
Analysts warned the business faces structural challenges: revenue deterioration is accelerating, and neither print nor digital currently shows growth potential. While Reach has secured over 40,000 paid subscribers and plans further launches, the company is essentially cutting costs to preserve profits as readership declines, a strategy with limited runway.
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Common questions
- What is this article about?
- Reach plc, the UK's largest regional publisher and owner of Manchester Evening News, reported revenues of £232.9m for the first half of 2026, down 9% year-on-year, with both print and digital affected. Adjusted operating profit slipped 4% to £43m, held up by a 10.3% cut in operating costs following redundancies and print site closures.
- When was this published?
- This article was published on 22 July 2026.
- Who published this article?
- This article was published by Prolific North.