REG - Reach PLC - Reach plc announces cost reduction programme

ReachAnnouncement

08/11/2023 07:00

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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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