Reach — Clarifying the narrative

Reach’s interims show it is on track to meet full-year expectations. The statement highlights the new CEO’s strategic priorities: driving deeper and broader connections with audiences, accelerating the use of AI and technology, and diversifying revenue sources. The underlying macroeconomic backdrop is still difficult and further shifts in traffic referral routes, notably via Google, are problematic. However, Reach has plenty of experience in mitigating market challenges. Compelling content, in appropriate formats (especially video), should continue to build digital audiences and generate the associated data to attract advertisers, both in the UK and US markets. With inherently strong cash conversion and the end in sight for the substantive funding needed to settle historical legal issues and pension obligations, Reach can start to be more proactive in building a route back to growth.