Updates

Reach

February 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Reach has downgraded full year expectations, citing advertising headwinds; digital revenues declined 6% year-on-year in Q4 echoing poor figures from FB, GOOGL, BZFD, SNAP and TWTR. This has more than offset resilient circulation, which is showing good “stickiness” in spite of cover price rises. More positively, page views grew 4% year-on-year, its 12.5m customer registrations (1m added in H2) now represent a quarter of its total audience while the proportion of higher yielding data-led or “Plus product” revenues increased to c. 30% total digital. These can generate up to 8-10x higher yields and have meant that while OMP (open marketplace) yields fell 40%, the ad yield / page decline was just 3%. Without a recession this would have ...

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Mulberry

Michelmersh - Significantly eps enhancing acquisition

Reach (June 2024)

Reach - Shares bounce 22% after results (April 2024)

Reach (December 2023)

Reach (September 2023)

Reach - Comparables to get easier in H2 (June 2023)

Reach - Data driven revenues up 56% (April 2023)

Reach - Q3 shows impressive print sales resilience (November 2022)

Reach - Plus products now over 30% of Digital (September 2022)

Reach - CEO and chairman buy shares (June 2022)

Reach - High margin digital side could be 50% turnover by FY’25 (April 2022)

Reach - Recruits another 400 writers (January 2022)

Reach - Gain in two months: 69%! (September 2021)

Reach - Direct advertising set for exponential growth; DIRT CHEAP on PE of 6.5 (July 2021)

Reach - Newspaper group could double profits through digital advertising explosion (February 2021)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Reach

February 2023

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