olivLaw · European equity research
Reach plc RCH.L
United Kingdom · London Stock Exchange · ISIN GB0009039941 · Vertical: Listed companies from United Kingdom
Reach plc is a British media group publishing regional and national titles in print and digital across the United Kingdom and Ireland. The company is shifting from print to digital, and total revenue edged down in fiscal 2025 while adjusted operating profit rose on cost reductions.
At the close of 05 Nov 2026, Reach plc (RCH.L) stock was 0.47 GBP (−0.32% on the day), with market capitalisation 149.8 m GBP, dividend yield 15.47%, beta 0.42, 52-week range 0.40–0.72 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.8
- neutral
- Bollinger (20, 2)
- 0.46 – 0.51
- in the lower half of the band · %B 0.26 · band width 9.9%
- SMA 50 / 200
- 0.45 / 0.54
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | +12.6% | −4.2% | +16.7 pp | — |
| 6 months | −6.0% | +4.3% | −10.4 pp | — |
| Year to date | −13.9% | +7.5% | −21.4 pp | — |
| 1 year | −15.6% | +9.9% | −25.5 pp | +5.8% |
| 3 years | −38.5% | +49.8% | −88.3 pp | +26.3% |
| 5 years | −84.9% | +42.8% | −127.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 568.6 m | 538.6 m | 518.4 m |
| Revenue YoY | unavailable | −5.3% | −3.8% |
| Net income | 21.5 m | 53.6 m | -132.3 m |
| Net income YoY | unavailable | +149.3% | −346.8% |
| Diluted EPS | 0.07 | 0.17 | -0.41 |
| Diluted EPS YoY | unavailable | +145.6% | −347.9% |
| net % | 3.8% | 10.0% | -25.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.6 m GBP
- Financial debt
- 44.5 m GBP
- Net debt
- 34.9 m GBP
- Equity
- 526.2 m GBP
- Total assets
- 949.4 m GBP
- Debt / equity
- 0.08x
- Current ratio
- 0.69x
- ROE
- -22.0%
- ROA
- -12.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 568.6 m | 538.6 m | 518.4 m | esef· 07 Apr 2026verified |
| Cost of revenue | 344.7 m | 303.4 m | 300.2 m | esef· 07 Apr 2026verified |
| Gross profit | 223.9 m | 235.2 m | 218.2 m | esef· 07 Apr 2026verified |
| Operating income | 46.1 m | 74.2 m | -160.1 m | esef· 07 Apr 2026verified |
| Interest expense | 4.5 m | 8.2 m | 5.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | 36.7 m | 62.8 m | -165.9 m | esef· 07 Apr 2026verified |
| Income tax | 15.2 m | 9.2 m | -33.6 m | esef· 07 Apr 2026verified |
| Net income | 21.5 m | 53.6 m | -132.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.07 | 0.17 | -0.41 | esef· 07 Apr 2026verified |
| Dividend per share | 0.07 | 0.07 | 0.07 | esef· 07 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.9 m | 20.8 m | 9.6 m | esef· 07 Apr 2026verified |
| Receivables | 85.1 m | 87.6 m | 79.8 m | esef· 07 Apr 2026verified |
| Inventories | 11.4 m | 10.2 m | 7.9 m | esef· 07 Apr 2026verified |
| Current assets | 135.5 m | 129.7 m | 107.7 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 113.6 m | 104.2 m | 79.1 m | esef· 07 Apr 2026verified |
| Goodwill | 35.9 m | 35.9 m | 0 | esef· 07 Apr 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 949.4 m | esef· 07 Apr 2026verified |
| Accounts payable | 96.2 m | 105.3 m | 91.7 m | esef· 07 Apr 2026verified |
| Short-term debt | 30.0 m | 35.0 m | 44.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 157.0 m | 158.4 m | 155.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 582.1 m | 530.9 m | 423.2 m | esef· 07 Apr 2026verified |
| Equity | 637.2 m | 678.6 m | 526.2 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 316.2 m | 315.3 m | 315.8 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 15.9 m | 26.0 m | 22.0 m | esef· 07 Apr 2026verified |
| Investing cash flow | -19.3 m | 4.9 m | -7.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -17.1 m | -30.0 m | -25.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 23.1 m | 23.2 m | 23.2 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 600.0 k | 600.0 k | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 149.8 m GBP
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.5% | 8 (vs peers) | 31% |
| Net margin · Quality | -25.5% | 17 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -30.8x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 15.9% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
REACH PLC (RCH.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 518.4 m GBP in 2025; YoY growth -3.8%; net margin -25.5%; ROE -22.0%.
The estimated value range is 0.72–0.89 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.80 GBP, the price of 0.47 GBP leaves a potential of 67.7% (value / price − 1) and a margin of safety of 40.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 15.9%
- The price is below the estimated value range
What contradicts it
- ROIC: -21.5%
- Net margin: -25.5%
- Interest coverage: -30.8x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| RCH.LReach PLC | 149.8 m | — | -22.0% | -25.5% | −3.8% | −19% / −34% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for RCH.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Reach plc is a British media group publishing regional and national titles in print and digital across the United Kingdom and Ireland. The company is shifting from print to digital, and total revenue edged down in fiscal 2025 while adjusted operating profit rose on cost reductions 1.
SWOT
Strengths
Weaknesses
- Print revenue declines steadily, and print advertising is particularly exposed.
- Dependence on search traffic makes digital revenue sensitive to changes in search algorithms.
- Statutory results were hit by impairment, which shows the fragility of publishing assets.
Opportunities
- Digital subscriptions and video could diversify revenue and attract new audiences.
- Artificial intelligence and automation could lower costs and improve digital products.
- Closing some print sites could reduce fixed costs over the longer term.
Threats
- A faster decline in print circulation could exceed current expectations.
- A difficult macroeconomic backdrop could further reduce local advertising.
- A cyber attack or data protection failure could lead to fines and loss of trust.
Risks
- Dependence on search traffichigh
A further fall in search engine traffic could significantly reduce page views and digital revenue.
- Print declinehigh
Falling circulation and print advertising could accelerate revenue losses before digital growth offsets them.
- Asset impairmentmedium
New write-downs of publishing titles and goodwill could affect statutory results.
- Data protectionmedium
A breach of data protection regulations could lead to penalties and loss of customer trust.
- Cost pressureslow
Higher labour or paper costs could erode the savings achieved through restructuring.
Investment thesis
What would need to be true (bull case)
- Cost reductions and a rising operating margin could support profitability even with falling revenue.
- A stable funding structure with an extended credit facility could provide flexibility for strategic investment.
What would break the thesis
- If search traffic keeps falling, digital revenue could remain under pressure.
- The print decline could outpace digital growth, which could reduce total revenue.
- Repeated impairments could indicate that the value of publishing assets is eroding faster than anticipated.
What to watch
- Trend in digital revenue and search trafficQ1 2027
- Results of premium subscriptions on newly launched titles2027
- Delivery of the 5-6% operating cost reductionnext 10-K
- Trend in print advertising and circulation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Reach plc earns revenue from advertising, newspaper distribution and sales, and digital activities, with total revenue of £518.4m in fiscal 2025 1. The group organises its work around three strategic priorities: connecting with audiences, accelerating the use of tech and AI, and diversifying revenues. It relies on a £145m revolving credit facility, whose maturity was extended to December 2029 1.
The revenue mix combines print, which is the largest part, with digital revenues split into direct and indirect streams. Direct revenues include subscriptions, affiliates and partnerships, which the company is seeking to grow 1. Management launched premium subscriptions on several regional sites and plans to expand them in 2026 1.
Adjusted operating profit rose slightly as cost reductions, particularly in labour and newsprint, offset lower revenue 1. At the same time the group recorded a non-cash impairment charge of £182.6m, which affected statutory results and reflects lower expectations for future digital revenue 1.
Segments
Market context
The company operates in the UK and Irish press market, where advertising and print circulation are under structural pressure. Management describes the macroeconomic backdrop as challenging, particularly for local businesses, which weighed on direct advertising revenue 1.
Reliance on search engine and third-party platform traffic is a major factor for digital revenue, and changes in that traffic can quickly affect quarterly results 1. For 2026 the group expects to reduce operating costs by 5-6% to support profitability 1.
Trends
- Print declineheadwind
Continued falls in print volumes and advertising reduce a significant part of revenue, and the group is closing two print sites 1.
- Digital subscriptionstailwind
Launching premium subscriptions across several titles could diversify revenue if audience demand proves sufficient 1.
- Dependence on Google trafficheadwind
A sharp fall in search traffic reduced page views and highlighted the vulnerability of the digital model 1.
- Cost reduction and AImixed
Restructuring efficiencies and adoption of AI tools could support margins, although they bring control risks 1.
Competitive position
Reach plc competes for audiences and advertising with other British press groups, online news platforms and social platforms that attract digital advertising budgets. Competitive pressure on local advertising is heightened by weak economic conditions 1.
Search and social platforms control traffic distribution, making competition for attention more costly. The company is trying to offset this with video content and podcasts launched in 2025 1.
- Other UK regional press publishers
Compete for local advertising and audiences in the same regions, across print and digital.
- Online news platforms
Attract digital audiences and advertising budgets, especially on mobile and social media.
- Search and social media platforms
Control traffic distribution to news sites, directly influencing digital revenue.
- Programmatic advertising platforms
Compete for digital advertising budgets through automated inventory.
News & filings
In the press
- EU says 'a lot of work' still needed to reach Ukraine peace dealThe Hindu — International · 06 Nov 2026 · EN
- Domestic tourism in Russia to reach 32 million trips this winter — ministerTASS (RU, EN) · 06 Nov 2026 · EN
- GitHub Actions Lockfiles Reach GA to Secure Workflow DependenciesInfoQ · 06 Nov 2026 · EN
- From Madrid to MAGA: How Spain’s Vox forged a right-wing network with global reachPolitico EU · 06 Nov 2026 · EN
- Podcast | Will the Blue Tsunami reach the Caucasus?OC Media (GE, EN) · 05 Nov 2026 · EN
- IME Warns Bulgaria's Debt Interest Bill Will Reach EUR 1.5 BillionNovinite — Sofia News Agency (BG, EN) · 05 Nov 2026 · EN
- US envoy Kushner praises Ukrainian team's engagement in efforts to reach a peace settlementUkrainska Pravda (UA, EN) · 05 Nov 2026 · EN
- Saildrone expands its European market reach with manufacturing partner in NorwayDefense News (US, EN) · 04 Nov 2026 · EN
- Elon Musk’s record election bet backfired. The backlash may reach beyond one billionaireCNBC — Top News · 04 Nov 2026 · EN
- Turkish exports to neighboring countries reach $23.4B in January-OctoberAnadolu Agency (TR, EN) · 04 Nov 2026 · EN
- Meta Shares Top Muse Bug Bounty Findings as Payouts Reach $1.2 MillionSecurityWeek · 04 Nov 2026 · EN
- Gas prices reach record high for an Election DayThe Hill · 03 Nov 2026 · EN
- Diplomatic Push Falls Short: Iran-US Deal Still Out of ReachModern Diplomacy · 03 Nov 2026 · EN
- Qatar remains hopeful the US and Iran can reach a dealAl Jazeera English · 03 Nov 2026 · EN
- Can Iran and the US Reach a Deal Before the War Escalates Again?Modern Diplomacy · 03 Nov 2026 · EN
- Anorexia and bulimia cases projected to reach nearly 22 million by 2050Medical Xpress · 03 Nov 2026 · EN
- Ukraine to reach mass interceptor production against jet Shaheds at the end of 2026Ukrainska Pravda (UA, EN) · 03 Nov 2026 · EN
- Can Iran and the US Reach a Deal Before Military Escalation Resumes?Modern Diplomacy · 03 Nov 2026 · EN
- The emerging shape of China’s military reach in SE AsiaAsia Times · 03 Nov 2026 · EN
- NASA’s Voyager 1 is about to reach a historic one-light-day milestoneScienceDaily · 03 Nov 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Reach plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.