NUJ responds to Reach plc full year results
Union seeks a fair pay package for staff, as company reports a "successful year" with significant rise in cash balances.
The NUJ has welcomed publication of full-year figures today from Reach plc, and CEO Jim Mullen's statement of 2021 being “a successful year.”
Chris Morley, Reach NUJ national coordinator, said:
“Our members at Reach will welcome today’s full-year results knowing that their hard work is providing the foundation for a successful business steadily overcoming the legacy problems of the publishing industry.
The investment in journalism with 400 new editorial roles last year now also needs to be matched by investment in all its journalists for the acknowledged valuable role they play not just in a commercial company but also in the democratic fabric of society.
The company continues to generate cash strongly and is debt-free. The £24m rise in cash balances held by Reach to more than £65m, suggests underlying strength and strong platform despite the harm brought to the economy from the Covid pandemic in the last two years.
It is not lost on our members that they have helped the company to operating profits of £146.1m – up 9 per cent on the previous 12 months – and that the business’s profit margin continues to tick higher to nearly 24 per cent.
Employees are key stakeholders of any business - as are shareholders. At Reach, we note, those shareholders have earned £22.6m from their 2021 investments with a total dividend of 7.21p a share.
Meanwhile, it is extremely disappointing that the phone hacking scandal continues to haunt the progress of the company with a further £29m put aside for legal claims. It must not be employees who pay for the mistakes of past management.”
Michelle Stanistreet, NUJ general secretary, said:
“It’s heartening to see such positive results released by Reach, an outcome that is clearly testament to the efforts of journalists and staff across the organisation. The NUJ is in ongoing discussions with the company about a fair pay package and we expect that, in light of today's announcement, an improved offer recognising the hard work of staff and the company’s success and good fortunes is secured.”
Access full-year results from Reach plc.