1st Mar 2022 13:15
Reach PLC - London-based newspaper publisher - Warns the damage caused by rising inflation in 2022 is expected to be worse than in recent years and lead to a "modest" reduction in operating profit. For financial 2021 - the 52 weeks that ended December 26 - pretax profit is GBP73.3 million, up dramatically from GBP400,000 in 2020 on revenue of GBP615.8 million, up 2.6% from GBP600.2 million in 2020. Adjusted operating profit is up 9.2% to GBP146.1 million from GBP133.8 million, and adjusted operating profit margin widens to 23.7% from 22.3%. Digital revenue is GBP148.3 million, up 25% on 2020 and 39% on 2019; this means digital is now 24% of total revenue, up from 15% in 2019. The publisher will pay a dividend of 7.21 pence per share for 2021. In 2020, Reach paid a final cash dividend of 4.26p, plus a 2.63p interim dividend in shares in lieu of cash. Read More
