Guardian Media Group records strongest financial results since 2008
The Guardian’s parent company has recorded its strongest financial results since 2008, aided by more contributions from online readers and increased income from its international operations.
Annual revenues at Guardian Media Group grew by 13% to £255.8m, its highest income since audiences shifted online and destroyed the traditional newspaper business. The company also produced a cash surplus for the first time in many years.
The Guardian’s online readers now contribute more money to the Guardian than readers of its UK print newspapers. When digital advertising and other income is taken into account, more than two-thirds of Guardian Media Group’s total income now comes from its online operations.
Keith Underwood, the interim chief executive, said: “Strong revenue growth and our best cash performance in decades have firmly established a sustainable platform from which we can make strategic investments to grow the Guardian’s global reach, impact and revenue.
“Economic and market conditions will be challenging in the year ahead. However, with outstanding journalism, a trusted brand, and the financial resources to invest, we are well placed to continue our growth strategy.”
Unlike other British newspaper groups, the Guardian is not owned by a rich individual or a listed company that has to return profits to shareholders. Instead, its proprietor is the Scott Trust, which maintains an investment fund – now worth £1.3bn – that is used to subsidise the newspaper and secure the Guardian’s editorial independence.
The Scott Trust has historically given Guardian Media Group access to a cash injection of up to £30m a year. The latest financial accounts, which cover the 12 months to April 2022, show that Guardian Media Group performed so
Read more on theguardian.com
