Reach

Website: Reach
Index: FTSE Small Cap
EPIC: RCH
Supersector: Media
Sector: Media
Subsector: Publishing
Market Cap: £193.55M
Payout Frequency: Semi-Annual

Next Reach Dividend

Reach next goes ex-dividend on 30/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 4.4600p (GBP) and the payment date is 29/05/2026.

Reach Dividend Analysis and Summary

Dividend declaration and key dates

Final dividend (FY2025): 4.46p per share (unchanged year-on-year).
Total FY2025 dividend: 7.34p per share (maintained).
AGM approval: 06/05/2026.
Record date: 01/05/2026 (Friday).
Ex-dividend date: 30/04/2026 (Thursday) (derived as the business day before the record date).
Payment date: 29/05/2026.
Estimated final cash outlay: ~£14.1m; total dividends paid in 2025: £23.2m.

Coverage and cash support

Adjusted EPS (FY2025): 26.8p ? dividend cover ˜ 3.7x; payout ratio ˜ 27%.
Adjusted operating cash flow: £103.5m vs dividends paid £23.2m ? cash cover ˜ 4.5x.
Net debt: £34.9m (leverage ~0.3x); RCF £145m extended to Dec 2029.
Ongoing defined benefit pension contributions remain material: £59m expected in 2026 (step down from £64m in 2025), £58m in 2027; reductions expected from 2028.

Analysis: sustainability and growth

Sustainability: The dividend appears well covered by earnings and cash, supported by strong cash conversion (99%) and modest leverage. The dividend has been maintained, not increased, reflecting a cautious stance amid digital headwinds and high pension outflows.
Growth trajectory: Flat in FY2025 (7.34p). Near-term growth looks limited given a cautious 2026 outlook (consensus adj. operating profit £96.4m vs £104.7m in 2025) and a planned ~£25m cash cost for print site closures. Medium-term potential improves as pension contributions step down from 2028 and cost actions/print consolidation deliver savings.
Financial support/capital allocation: Management is prioritising cost reduction (target 5–6% in 2026), de-risking pensions (Trinity buy-in cutting scheduled contributions by £8.6m), and selective investment in video/subscriptions. Non-cash impairment drove a statutory loss but does not pressure cash distributions.

Structural changes and implications

Print consolidation: Closure of Saltire and Watford print sites in 2026; two-year payback, lowers operational risk and supports future cost savings. Near-term cash cost of change ~£25m in 2026; property disposals targeted in 2027.
Pension de-risking: Trinity Scheme buy-in eliminates remaining scheduled funding contributions for that scheme, easing cash burden vs prior schedules.
Digital strategy shift: Expanded video output and roll-out of paid digital subscriptions (target >75k subscribers in 2026) and an AI content deal with AWS introduce more diversified and recurring revenues over time.
No demergers, M&A or share consolidation disclosed.

Risks and flags to dividend stability

Digital headwinds: Material decline in Google referrals in H2 2025; cautious 2026 digital outlook. If monetisation or audience recovery lags, earnings cover could tighten.
Cash outflows in 2026: One-off ~£25m print closure costs plus £59m pension contributions dilute free cash available for distributions in the near term.
Legacy/legal: Historical legal issues provision remains at £4.7m (range £2–8m), albeit reduced vs prior periods.
Structural print decline/macros: Print volumes falling; advertising softness; execution risk around cost savings and subscription/video monetisation.
Cyber/platform risk: Elevated cybersecurity threats and platform dependency remain ongoing considerations.

Reach Annual Dividend Yield - 12.34%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
01/05/2025	30/05/2025	Final	4.46p	GBX
14/08/2025	19/09/2025	Interim	2.88p	GBX

Total (Annual Dividends Per Share): 7.34p

Dividend Yield = Annual Dividends Per Share (7.34p) ÷ Share Price (59.5p) = 12.34%

Ex Dividend Date	Payment Date	Type	Amount	Currency
30/04/2026	29/05/2026	Final	4.4600p	GBX
14/08/2025	19/09/2025	Interim	2.88p	GBX
01/05/2025	30/05/2025	Final	4.46p	GBX
15/08/2024	20/09/2024	Interim	2.88p	GBX
09/05/2024	31/05/2024	Final	4.46p	GBX
10/08/2023	22/09/2023	Interim	2.88p	GBX
11/05/2023	02/06/2023	Final	4.46p	GBX
11/08/2022	23/09/2022	Interim	2.88p	GBX
12/05/2022	10/06/2022	Final	4.46p	GBX
12/08/2021	24/09/2021	Interim	2.75p	GBX
13/05/2021	04/06/2021	Final	4.26p	GBX
07/05/2020	05/06/2020	Final	4.05p	GBX
05/09/2019	27/09/2019	Interim	2.50p	GBX
09/05/2019	07/06/2019	Final	3.77p	GBX
06/09/2018	28/09/2018	Interim	2.37p	GBX
10/05/2018	08/06/2018	Final	3.55p	GBX
07/09/2017	29/09/2017	Interim	2.25p	GBX
11/05/2017	09/06/2017	Final	3.35p	GBX
03/11/2016	25/11/2016	Interim	2.10p	GBX
12/05/2016	10/06/2016	Final	3.15p	GBX
01/10/2015	30/11/2015	Interim	2.00p	GBX
07/05/2015	04/06/2015	Final	3.00p	GBX

Year	Interim	Final	Currency	Total	Change
2023	2.880	4.460	GBX	7.340	0.000
2022	2.880	4.460	GBX	7.340	4.700
2021	2.750	4.260	GBX	7.010	73.080
2020		4.050	GBX	4.050	-35.400
2019	2.500	3.770	GBX	6.270	5.910
2018	2.370	3.550	GBX	5.920	5.710
2017	2.250	3.350	GBX	5.600	6.660
2016	2.100	3.150	GBX	5.250	5.000
2015	2.000	3.000	GBX	5.000

Reach Dividend Calculator

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

Reach Dividend Growth

Dividend Growth (1Y)	–
Dividend CAGR (5Y)	11.5%
Years of Growth	–
Payout Ratio	–
Buyback Yield	1.3%
Shareholder Yield	13.29%

P/E Ratio (TTM)	–
Forward P/E	2.66
P/FCF	9.89
Earnings Yield	-68.96%
FCF Yield	10.11%
ROE	-21.96%
ROCE	11.3%
Profit Margin	-25.52%
Operating Margin	17.32%
Gross Margin	42.09%