Reach PLC Reach plc announces cost reduction programme (6861S)

TIDMRCH

RNS Number : 6861S

Reach PLC

08 November 2023

8 November 2023

Reach plc announces cost reduction programme to strengthen digital market position

For Immediate Release

In March 2023, Reach plc ("Reach" or "The Company") announced a cost reduction programme which committed to a 5-6% reduction in the company's operating costs for 2023. This programme is on track to be delivered.

Furthermore, Reach will deliver a 5-6% in-year reduction in the operating costs for 2024 as part of its ongoing planning process. This cost reduction programme is part of the Company's drive to strengthen its position as a leading digital publisher, and mitigate against the backdrop of continuing inflationary pressures that we expect to impact 2024.

As part of this programme Reach proposes to reduce its total workforce by an estimated 450 full time roles. The savings will allow the business to deliver on its long term plans, while continuing to invest to drive better customer value, develop online products and grow new audiences.

Jim Mullen Chief Executive:

"Our industry has a history of change and the future will undoubtedly involve yet more. That's why it's essential we set ourselves up to win, by making our operations suited to an increasingly fast-paced, competitive and customer-focused digital world."

"Hard work over the last few years means we have established ourselves as a leading digital publisher. But there's more to do and today is about organising our business to deliver against that challenge."

Enquiries

 
 Reach                                      communications@reachplc.com 
 Jim Mullen, Chief Executive Officer 
 Darren Fisher, Chief Financial Officer 
 Jo Britten, Investor Relations Director    +44 (0)7557 557447 
 
 Teneo                                      reachplc@teneo.com 
 David Allchurch/Giles Kernick              +44 (0)207 353 4200

About Reach

We're Reach plc, the UK's and Ireland's largest commercial news publisher. We're home to more than 130 trusted brands, from national titles like the Mirror, Express, Daily Record and Daily Star, to local brands like MyLondon, BelfastLive and the Manchester Evening News, to our recently launched U.S. titles. Every month, 48 million people come to us, via print and online, for trusted news, entertainment and sport.

LEI: 213800GNI5XF3XOATR61

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November 08, 2023 02:00 ET (07:00 GMT)

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