Overview
- Reach reported 2025 revenue of £518m, down 3.7%, with adjusted operating profit up 2.4% to about £105m and a 20% margin, as costs fell 5.2% and the dividend was maintained.
- Google Discover referrals fell 46% in H2, leaving full-year on‑platform page views down 8% and pressuring programmatic and direct browser-based video revenue, with Q4 the weakest quarter.
- The company is reallocating investment to off‑platform audiences and video, embedding around 110 specialist roles producing over 300 social videos daily, as social referrals rose 21% to 27% of traffic and aggregators grew 20%.
- Six premium subscription products are live with about 15,000 paid subscribers by year-end 2025, a target of more than 75,000 in 2026, roughly £1m invested, and additional launches planned by late March.
- Print generated £388.1m (about 75% of revenue), down 4.6%, with plans in 2026 to close two of three print production sites; net debt stood at £35m, legal payments were £4.4m with a £4.7m provision remaining.