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Transforming Reach Annual Report 2020 Highlights1 in This Report

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Transforming Reach Annual Report 2020 Highlights1 in This Report Reach plc Annual ReportAnnual 2020 Transforming Reach Annual Report 2020 Highlights1 In this report Revenue (£m) Digital revenue (£m) Strategic Report 1 £600.2m -14.6% £118.3m +10.6% Introduction 1 2020 . 2020 . Chairman’s statement 2 Engaging with our stakeholders 4 2019 . 2019 . Engaging with our readers 6 2018 . 2018 . Our business and the value 8 2017 . 2017 . we create 2016 . 2016 . Our brands 10 Our influence 11 1 1 Opportunities and challenges 12 Adjusted operating profit (£m) Adjusted earnings per share – basic (p) facing our industry £133.8m -12.8% 34.4p -12.7% Chief Executive’s Q&A 14 The Reach Wire 17 Statutory: £7.6m Statutory: loss 8.6p Chief Executive’s review 18 Margin Our strategic pillars 21 2020 . 2020 . Key performance indicators 27 2019 . 2019 . Financial review 28 2018 . 2018 . Managing our resources 33 2017 . 2017 . and relationships 2016 . 2016 . Risk management 43 Risks and uncertainties 46 Earnings per share for 2016 to 2019 have been restated following the bonus issue to shareholders in October 2020. Section 172 statement 50 Dividend per share (p) Net cash/(debt) (£m) Governance 51 Board leadership and 52 4.26p £42.0m +£21.6m Company purpose Division of responsibilities 56 2020 . 2020 . Composition, succession 61 2019 . 2019 . and evaluation 2018 . 2018 (.) Audit, risk and internal controls 64 2017 . 2017 (.) Remuneration report 71 2016 . 2016 (.) Directors’ report 89 The final dividend proposed for 2019 of 4.05 pence per share was withdrawn by the directors. On 28 September 2020, the Board recommended a non-cash bonus issue of Financial Statements 94 shares to shareholders, in lieu of and with a value equivalent Independent auditor’s report 95 to an interim dividend of 2.63 pence per share, which was subsequently approved by shareholders in October 2020. Consolidated income statement 104 Consolidated statement 104 1 Our financial statements disclose financial measures which are required under IFRS. We also report additional financial of comprehensive income measures that we believe enhance the relevance and usefulness of the financial statements. These are important for understanding underlying business performance. Statutory figures are shown for comparative purposes where they differ Consolidated cash 105 from adjusted figures. See notes 3 and 35 to the consolidated financial statements. flow statement Consolidated statement 105 of changes in equity Consolidated balance sheet 106 For further information or to read Notes to the consolidated 107 the Annual Report online, go to: financial statements https://www.reachplc.com Parent company balance sheet 140 Parent company statement of 141 changes in equity Notes to the parent company 141 financial statements Disclaimer This Annual Report is sent to shareholders who have elected to receive a hard copy and is available on our website www.reachplc.com for those shareholders who have elected to receive a copy electronically. In this document, references to ‘the Group’, ‘the Company’, ‘we’ or ‘our’ are to Reach plc and its subsidiaries. A reference to a year expressed as 2020 is to the 52 weeks ended 27 December 2020 and a reference to a year expressed as 2019 is to the 52 weeks ended 29 December Other 147 2019. References to ‘the year’ and ‘the current year’ are to 2020 and references to ‘last year’ and ‘the prior year’ are to 2019. Subsidiary and associated 147 The Annual Report contains forward-looking statements. By their nature, forward-looking statements involve a number of risks, undertakings uncertainties and future assumptions because they relate to events and/or depend on circumstances that may or may not occur in the future and could cause actual results and outcomes to differ materially from those expressed in or implied by the Shareholder information 150 forward-looking statements. No assurance can be given that the forward-looking statements will be realised. Statements about the directors’ expectations, beliefs, hopes, plans, intentions and strategies are inherently subject to change and they are based Group five-year summary 152 on expectations and assumptions as to future events, circumstances and other factors which are in some cases outside the Company’s control. The Annual Report has been prepared on the basis of the knowledge and information available to directors at the date of its preparation and the Company does not undertake any obligation to update or revise the information during the financial year ahead. It is believed that the expectations set out in these forward-looking statements are reasonable, but they may be affected by a wide range of variables which could cause actual results or trends to differ materially. The forward- looking statements should be read in the context of the principal risk factors set out in the Strategic Report. Strategic Report Governance Financial Statements Introduction A year like no other and a year of unparalleled transformation for Reach The unprecedented events of 2020 saw trusted news providers more in demand than ever before. With 9 leading national newspapers and more than 110 regional titles and over 70 online brands, Reach has the largest audience across the UK of any commercial national and regional news publisher, and a leading presence in Ireland. We create engaging and differentiated content which is distributed through our newspapers, magazines and digital platforms. Our newsbrands have a long heritage of being trusted sources of news and information – nationally and locally. Some 48 million people a month in the UK choose Reach for news, entertainment and sport. Through our Customer Value Strategy, we are getting even closer to our readers and users – and by the end of 2020 we already had five million registered with us. 2020 saw us transform our business to enable us to accelerate the Customer Value Strategy, which is driving increased value from Reach’s leading portfolio of newsbrands and its unique scale audience. Becoming more connected to our increasingly loyal and engaged audience means we will deliver more of the content they want in the way they want it – and for advertisers to be more relevant and targeted. It will also provide the growth that will ensure Reach continues to deliver to all its stakeholders, enabling us to continue our core purpose as prominent champions, campaigners, and changemakers. Transforming Reach see page 18 Engaging with our readers see pages 6 and 7 Customer Value Strategy see pages 8 and pages 21 to 26 Reach plc Annual Report 2020 1 Strategic Report Chairman’s statement Accelerating our Customer Value Strategy Highlights Immediate actions to mitigate COVID-19 impacts The whole Reach business can take great pride in its response 5m customer to the COVID-19 pandemic. At the onset of the lockdown, with uncertainty around the duration and depth of the crisis, the Board registrations took a number of short-term actions to protect the business and sought to share the burden of those mitigation impacts across 14.8bn UK page views stakeholder groups. All 2020 annual bonus schemes were suspended, the Board and a number of senior management and in 2020 editors received a 20% pay cut with Reach colleagues receiving a 10% reduction. 20% of Reach colleagues were furloughed. Additionally, pension contributions were temporarily deferred Transformation and the 2019 final dividend was cancelled. These were difficult completed to enable decisions, but we acted quickly to protect the business. Accelerating the Customer Value Strategy acceleration of the In the weeks that followed we then went further. The Board supported a management plan for an end-to-end transformation Customer Value of the business and its operations. Strategy The plan was designed to ensure the Group was not only able to overcome the near-term impacts of the pandemic but was able to establish a strong platform to accelerate the Customer Value Strategy. The transformation was announced in July 2020 and created a pathway to long-term, sustainable growth. There is no doubt that Reach has emerged from the unique challenges posed during 2020 as a much stronger business, and now has the foundation required to accelerate the Customer Value Strategy.” Nick Prettejohn Chairman Reach plc 2 Annual Report 2020 Strategic Report Governance Financial Statements The Board would like to record its heartfelt thanks to all Reach During Q3 business performance improved significantly, with colleagues for the personal sacrifices and hard work that have strong digital growth and a recovery in our circulation sales. contributed towards the strong performance this year. The team At our half-year results, announced in September 2020, with the demonstrated incredible resilience and agility. From the overnight Group performing materially ahead of expectations, the Board switch to producing our titles almost entirely from home, to the recommended a bonus issue to shareholders of 2.63 pence per adoption of COVID-19 safe practices at our printing sites, our share, in lieu of an interim dividend, which was subsequently colleagues adapted fast. Colleagues have also responded approved by shareholders in October 2020. The improved positively to the transformation and the radical reshaping of performance continued in Q4 with a further reduction in the rate the business that was implemented in just a matter of weeks. of print declines and a record digital performance. And they have continued to adopt and implement the Customer With the business continuing to perform well, assisted by the Value Strategy. transformation, the Board is now in a position to recommend a Throughout all of this change our newsbrands have continued final dividend of 4.26 pence per share which demonstrates our to entertain, inform and involve our readers, holding power to confidence in sustainability of future cash flows. account nationally and locally. The whole team can look back The Board recognises the importance of growing dividends on a year of achievement and be confident in the Company’s for shareholders while also investing to grow the business strengthened position.
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