Nvidia and TSMC to unveil first domestic wafer for Blackwell chips, Axios reports
Investing.com -- Reach PLC (LON:RCH) on Tuesday reported a 2.1% increase in digital revenue for the third quarter, despite facing continued volatility in referral volumes, particularly from Google.
The UK media company remains confident in meeting full-year market expectations despite overall group revenue declining 2.5% in the quarter.
Digital growth was driven by a 4.0% increase in indirect revenues, fueled by strong off-platform performance that offset weaker on-platform programmatic advertising. Direct revenues decreased slightly by 0.8% YoY, with growth in diversified revenues counterbalanced by weakness in local markets.
The company noted that page views, a measure of on-platform audience, fell 1% over the nine-month period.
Print circulation revenue, described as "reliable and predictable," declined 2.7%, while print advertising revenue fell more sharply at 13.3%. Overall print revenue decreased by 3.9% in the quarter.
"We delivered a good financial performance despite continued volatility in referral volume and we made strong progress across our strategic priorities," said Piers North, Chief Executive. "We also delivered continued success in our diversified revenues including the OK! Beauty Box and are now working at pace on further initiatives, launching our digital subscriptions pilot in the coming weeks."
The company has implemented a restructuring plan aligned with its growth priorities, creating new roles focused on video production, commercial propositions, and off-platform audience growth. The restructuring, estimated to cost approximately £20 million for the full year, will also involve some staff reductions.
Looking ahead, Reach expects full-year digital revenues to be "broadly flat" compared to the previous year, reflecting ongoing referral volatility and the weak macroeconomic environment. The company remains on track to deliver its 4-5% cost saving target.