Reach Plc's shares tumbled more than 5% Tuesday after the UK's largest commercial news publisher reported a £223 million non-cash impairment charge for fiscal 2025. The writedown, reflecting lower digital revenue expectations and reduced long-term growth assumptions, drove a statutory operating loss of £160.1 million, overshadowing adjusted operating profit that rose 2.4% to £104.7 million.

Group revenue fell 3.7% to £518.4 million, with print revenue down 4.6% to £388.1 million and digital revenue declining 0.9% to £128.9 million. The company blamed a sharp drop in Google referral traffic in the second half for the digital weakness. Adjusted operating costs fell 5.2% to £416.4 million, exceeding the company's 4-5% target.

Chief executive Piers North said the group had set "a clear direction" through three strategic priorities, demonstrating "resilience" despite disruption. The company launched six digital subscription products during the year, targeting more than 75,000 subscribers. Post-period, Reach announced the closure of two print sites at an estimated cost of £25 million, consolidating printing at its Oldham facility. The board maintained the full-year dividend at 7.34 pence per share.