Reach PLC Reach plc - Trading Update
20 Gennaio 2025 - 8:00AM
RNS Regulatory News
RNS Number : 9236T
Reach PLC
20 January 2025
20 January
2025
Reach plc ("the
Company")
Q424
Trading update and full year guidance
Trading in Q4 was strong. As a
result, we now expect to deliver results ahead of current market
expectations for the full year.¹
Additional funding to West Ferry Printers Pension
Scheme
The West Ferry Printers Pension
Scheme (WF Scheme) is a legacy scheme
inherited in the 2018 acquisition of Express Newspapers. As part of
the due diligence to prepare the WF Scheme for buy-out, a
historical error has been discovered resulting in an estimated £5m
additional funding requirement, which we expect to pay in 2025. We
have reviewed our other schemes for the same error, and we have not
identified any material items. This is unrelated to the 2022
triennial pension valuations for our remaining schemes which remain
unchanged.
Completion of refinancing
The Company completed refinancing of
its banking facilities. The facility comprises a £145m Revolving
Credit Facility ("RCF"), with a four-year maturity to December 2028
including an option to extend by up to one year. The RCF also
includes a £72.5m uncommitted accordion facility. The financial
covenants are unchanged.2
The Company is scheduled to report
full year results on 4 March 2025.
Notes
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¹
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Market expectations compiled by the
Company are an average of analyst published forecasts - consensus
adjusted operating profit for FY24 £97.8m.
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2
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Financial covenants Interest cover:
(Adjusted) profit before Interest and tax (PBIT) to net interest
payable >5.0 Leverage: Net Borrowings to (Adjusted) EBITDA
<1.75
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Enquiries
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Reach plc
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Investorrelations@reachplc.com
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Jim Mullen, Chief Executive
Officer
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Darren Fisher, Chief Financial
Officer
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Jo Britten, Investor
Relations
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+44 (0)7557 557447
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Teneo
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reachplc@teneo.com
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David Allchurch/Giles
Kernick
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+44 (0)207 353 4200
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LEI: 213800GNI5XF3XOATR61
Classification: 3.1
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Grafico Azioni Reach (LSE:RCH)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Reach (LSE:RCH)
Storico
Da Feb 2024 a Feb 2025
