According to ESI Media: Figures for the year ending in September 2014, released yesterday, reveal a trading profit of £1.4 million on a turnover of £62.9 million, an increase in turnover of 8.7% despite the challenging nature of the print advertising market.
2013/14 was a significant year of investment in the future of the newspaper with circulation increasing from a daily average of 700,000 to 900,000 in the first quarter of 2014.
The increased distribution has resulted in strong readership growth, with more than 1.9million people reading the London Evening Standard every weekday evening, the highest figure yet.
The current financial year ending September 2015 also saw ES Magazine significantly increase its weekly distribution, whilst continuing to provide a quality environment for luxury advertisers. The Homes & Property section continues to build on its market leading position with revenues up 30% year on year.
Despite the investment being made in the company’s digital platforms and the expansion of ES Magazine, the Company is on track to deliver an improved profit in the financial year ending September 2015.
Editor Sarah Sands said: “The Evening Standard has been at the centre of events, politically, economically and culturally and is a vital part of the working day for Londoners. If you do not read it you cannot understand our capital.”
ESI Media Group CEO Steve Auckland said: “The Evening Standard is an incredible brand and proof that print is very much alive. The team continues to deliver an outstanding product resulting in record numbers of Londoners picking up the paper every weekday evening.
“Three consecutive profitable years is something to be celebrated and testament to the success of the strategy to turn the paper free and revitalise the business.
“Recently we’ve made huge steps forward with our digital offering, with audience growth of over 77% year on year.
“The latest investment in our website will help us further develop our brand, audiences and revenues. I’d like to thank the entire team for their hard work and the Lebedevs for their investment and vision.”
