Reach PLC declare a 5.5% increase from 2.37p 2.5p
Other financial highlights include:
Revenue decreased by 0.3% to £352.6 million benefiting from the Express & Star acquisition
On a like for like basis(2) revenue fell by 6.3%, an improvement on the like for like fall of 7.2% in the first half of 2018, helped by resilient circulation revenue
Strong performance in Group digital(3) with like for like revenue increasing by 9.7% (13.6% in the second quarter) and average monthly page views in 2019 growing by 16% year on year to 1.2 billion
Acquisition synergies of £6 million delivered and on target to deliver annualised savings of at least £15 million in 2019 and £22 million in 2020, ahead of £20 million previously signalled
Structural cost savings achieved of £5 million and on target to deliver £10 million commitment for 2019
Adjusted operating profit increased by 7.2% to £71.3 million, with adjusted operating margin increasing from 18.8% to 20.2%, driven by optimisation strategy
Statutory operating profit of £63.7 million reflecting reduced adjusting operating items compared with the first half of 2018
Accounting pension deficit (IAS 19) fell by £0.4 million to £348.2 million (£284.8 million net of deferred tax)
Strong cash generated from operations(4) of £70.4 million, up 16.0% year on year, supporting low leverage with net debt(5) falling by £27.9 million to £12.9 million
