Reach (LSE:RCH) shares slumped 9.3% to 51.2p after a Q1 trading update said digital revenue fell 8.1% and the company remained on track to meet a compiled FY26 consensus adjusted operating profit of £95.9m.
The UK and Ireland's largest commercial news publisher said the decline was driven by materially lower on‑platform referral volumes, mainly from Google, a trend it first flagged in July 2025, while print revenue decreased 6.6% with circulation and advertising described as reliable and supported by a cover price increase and strong promotional activity.
"We are navigating this uncertainty appropriately; we have the benefit of our scale and a portfolio of trusted brands reaching 35m people every month as we develop new revenue streams, notably subscriptions," Piers North, Chief Executive, said.
Reach said it is growing off‑platform audiences, expanding video content and has launched premium subscriptions across 11 sites, it remains cautious on digital revenues but is confident of delivering planned operating cost reductions and is on track to meet the company's compiled consensus adjusted operating profit for FY26 of £95.9m.
Reach will report half year results on Wednesday 22 July.
