Updates

Reach - Highest operating margin for six years - value unlock coming

April 2021

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.

Full year results had been upgraded three times since September and like Tremor (TRMR; 706p) I still think this is one of the most exciting digital ad investment stories I have seen. I spoke to finance director Simon Fuller after Reach posted FY20 results. Sales were down £100m to £600m (-15%). Pretax profit was £131m and eps 33.4p. Overall Reach delivered £122m in net operating cash flow for FY20 (£42m post pension payments and historical legal and contractual issues) helping double its cash pile to £42m. As a measure of confidence a 4.3p final dividend is paid (ex 1st May). 2020 was a year when people weren’t going out to buy papers and c.8% or roughly 4,000 outlets that s ...

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Tremor - Confirms US listing for Q2 - strong buy

Victoria

Reach - Deutsche sets 190p target (November 2024)

Reach - Q2 Digital revenues back in growth (September 2024)

Reach (June 2024)

Reach (April 2024)

Reach - Publishers to benefit from Google Chrome cookie removal (November 2023)

Reach - Material cost programme benefits to come (August 2023)

Reach - H2 looks more promising (April 2023)

Reach (February 2023)

Reach - Singer sets 295p share price target (November 2022)

Reach - H2 should see improvement; PE of 3.2 (August 2022)

Reach - Deep Value in a FIFA World Cup year (June 2022)

Reach Prospective - PE of 4.3 (March 2022)

Reach - Digital continues to accelerate (December 2021)

Reach - Shares soar £1 over the month (August 2021)

Reach - Profit forecast upgraded by £5m this year and next (June 2021)

Reach - I expect it to be in the running for FTSE-250 soon enough (February 2021)

Reach - Q3 benefits from sharp revenue recovery and transformation programme (November 2020)

Reach (October 2020)

Reach (May 2020)

Reach - Results beat expectations (March 2020)

Reach - Accelerates digital transformation (February 2020)

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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