Reach PLC announce final dividend of 4.26 pence per share

DividendMax Ltd.

Reach PLC announce final dividend of 4.26 pence per share

 After consideration, in light of the uncertainty around the COVID-19 pandemic, the Reach PLC Board announced on 6 April 2020 that it would no longer propose a final dividend for the financial year ending 2019. 

On 28 September 2020, with the Group performing materially ahead of market expectations for 2020, the Board recommended a non-cash bonus issue of shares to shareholders, in lieu of and with a value equivalent to an interim dividend of 2.63 pence per share, which was subsequently approved by shareholders.

In recognition of the importance of a cash dividend to shareholders and considering latest performance, the Board proposes a final dividend of 4.26 pence per share for 2020 (an increase of 5.2% compared to the final dividend originally proposed in 2019). The final dividend which is subject to approval by shareholders at the Annual General Meeting on 6 May 2021 will be paid on 4 June 2021 to shareholders on the register at 14 May 2021.

 Other financial highlights include:

Revenue of £600.2m down 14.6% (digital up 10.6%, print down 18.9%) reflects impact of COVID-19

Recovery in print revenues and strong digital exit rate (Q4 up 26%) delivered stronger H2 

Adjusted operating profit of £133.8m down 12.8%

Action on costs and higher digital mix support 50bp increase in adjusted operating profit margin to 22.3%

Costs related to transformation and plant closures impact statutory operating profit, down £124.1m

Strong adjusted operating cash flow of £121.8 supports liquidity and net cash balance of £42.0m

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