UK Publishing Holdings Report Positive Revenue
UK holding company Guardian Media Group, which owns The Guardian and The Observer, has reported for the financial year ended March 28. The company’s revenues rose 0.9% to £225.5m. Publishing company Reach (formerly Trinity Mirror), which publishes nine national media, including the Daily Mirror and Daily Express, and over 110 other regional newspapers, has published its accounts for the first half of the year. Reach’s revenues for the half year rose 4% to £302.3m.
Guardian Media Group’s revenue from digital services, including subscriptions, rose 61% to £68.7m, offsetting declines in advertising revenue and paper newspaper sales. The holding company made an operating loss of £10.1m, but an improvement on the previous financial year when the figure was £17.5m. To improve the situation, the holding company carried out a restructuring programme over the past year that significantly reduced costs and the number of editorial staff. By the end of the financial year, the company’s publications had more than 400,000 online subscribers, up 46% from a year earlier. The number of paper subscribers was up 8% to 120,000.
Reach notes that the number of registered users of its online publications has reached 6.7 million (up from 2.5 million last July). The publisher plans to increase the number of subscribers to 10 million by 2022. Digital advertising revenues rose 42.7 per cent, pushing operating profits up 25.5 per cent to £68.9m. Shares in the company have seen steady growth since last year’s pandemic slump and have soared to their highest level in 14 years following the publication of positive accounts.