Reach (RCH)

Sector:

Media

Index:

FTSE Small Cap

74.50p
   
  • Change Today:
    -0.80p
  • 52 Week High: 107.60
  • 52 Week Low: 66.80
  • Currency: UK Pounds
  • Shares Issued: 318.34m
  • Volume: 378,103
  • Market Cap: £237.16m
  • Beta: 0.00

Reach to put 400 jobs at risk of redundancy

By Frank Prenesti

Date: Tuesday 14 Mar 2023

LONDON (ShareCast) - (Sharecast News) - More job cuts are on the way at newspaper and magazine publisher Reach, with more than 400 roles at risk of redundancy, the company and National Union of Journalists said on Tuesday.
The owner of the Daily Mirror and multiples regional news websites, is axing jobs in response to falling advertising revenues amid the cost of living crisis, which saw it last week report a 28% fall in underlying pre-tax profits.

According to the NUJ, 420 roles in total will be put at risk, with 192 editorial roles being cut from the workforce and come only two weeks after the conclusion of a redundancy process announced in January that saw 80 jobs go.

"Plans will come as a major blow to our members hard on the heels of recent redundancies. As the company seeks to make good on its commitment to cut costs by £30m this year it is our members who are yet again feeling the pain," said the unions national organiser Laura Davison.

"Reach's focus has switched to launching a US operation, but it remains to be seen what this will deliver in reality and in the meantime more core jobs are being lost. While the cost-of-living crisis is impacting everyone, including Reach staff, it is the leadership that decides the strategy.

"We are a far, far cry from the period when Reach was investing in new local sites and expanding its footprint across the country, claiming to have created a sustainable model for digital-only local journalism."

In an email to staff, seen by the journalism website HoldtheFrontPage, Reach executives said the company "simply cannot afford to ignore the headwinds that are buffeting the whole industry".

"We must be realistic about the fact that working through them and staying on track to achieve our goals means taking some decisive action and difficult decisions along the way."

They added that they had "prioritised" alternatives to redundancies including closing vacancies and non-labour costs, but still envisaged "a number of redundancies".

Reporting by Frank Prenesti for Sharecast.com

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Reach Market Data

Currency UK Pounds
Share Price 74.50p
Change Today -0.80p
% Change -1.06 %
52 Week High 107.60
52 Week Low 66.80
Volume 378,103
Shares Issued 318.34m
Market Cap £237.16m
Beta 0.00

Reach Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.44% above the market average98.44% above the market average98.44% above the market average98.44% above the market average98.44% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
16.74% below the market average16.74% below the market average16.74% below the market average16.74% below the market average16.74% below the market average
30.23% above the sector average30.23% above the sector average30.23% above the sector average30.23% above the sector average30.23% above the sector average
Income
100.00% above the market average100.00% above the market average100.00% above the market average100.00% above the market average100.00% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
41.76% below the market average41.76% below the market average41.76% below the market average41.76% below the market average41.76% below the market average
57.89% below the sector average57.89% below the sector average57.89% below the sector average57.89% below the sector average57.89% below the sector average

What The Brokers Say

Strong Buy 2
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Reach Dividends

  Latest Previous
  Final Interim
Ex-Div 01-May-25 15-Aug-24
Paid 30-May-25 20-Sep-24
Amount 4.46p 2.88p

Trades for 28-May-2025

Time Volume / Share Price
16:08 253 @ 74.50p
16:07 280 @ 74.50p
15:57 169 @ 74.40p
15:56 521 @ 74.48p
15:48 5 @ 74.50p

Reach Key Personnel

Chair Nick Prettejohn
CFO Darren Fisher

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