Sep 28, 2020

Newspaper group Reach offers share issue in lieu of dividend

Reach has proposed a bonus issue to shareholders in lieu of a cash dividend after the owner of the Daily Mirror and the Daily Express reported a better than expected performance in the first half, helped by a recovery in digital advertising. Reach's share price, which has more than halved since February, was up 20 per cent to 77.9p on Monday morning. Mr Mullen told the Financial Times that Reach had seen "Strong recovery" in digital advertising in what had been an exceptionally difficult year for many titles. Reach now has 3.5m registered users across the UK and Mr Mullen said the group had increased its target of signed-up readers from 7m to 10m by the end of 2022. Reach lost 80 per cent of its regional advertisers at the height of the national lockdown, but Mr Mullen said the picture had improved with about half of these now spending at the newspaper again.

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