According to GMG: Digital revenues at Guardian News & Media, the Group’s core business, jumped 20% to £82.1m as the Guardian’s year-end online audience reached 127 million monthly unique browsers [2], up from 102.3 million in March 2014.
Group revenues also rose 3% to £214.6m – the third consecutive year of growth.
Neil Berkett, chair of GMG, said: “These full-year financial results show that the Group is on the right track by increasing revenues and narrowing our underlying operating loss. This is a very creditable performance following the transformation of our balance sheet, which was strengthened significantly by the disposal in 2014 of our stake in Trader Media Group.”
David Pemsel, who succeeded Andrew Miller as GMG chief executive on July 1 2015, added: “These results give us the confidence to invest further in the world-class journalism, digital innovation and growing international readership which has made the Guardian such a powerful global brand. That, in turn, will help deliver long-term financial and editorial sustainability.”
As forecast in this year’s trading update, Group losses from continuing operations narrowed by £8.5m year-on-year, whilst underlying operating losses at GNM improved by £0.3m, reflecting continued investment in developing the business. At the pre-tax level, the Group reported a loss of £17.6m, compared with a profit of £549.2m in the prior reporting period – a year which included profits attributable to GMG’s 50.1% stake in Trader Media of £575m.
The figures include contributions from Top Right Group, the media joint venture of which GMG owns 33.1%.
Following the Trader Media Group disposal, GMG’s cash and investment fund stood at £838.3m at the financial year-end. In the period, investment fund growth of £54.9m almost completely offset the cash outflow to fund GMG’s operating activities.
Neil Berkett concluded: “GMG will continue to innovate and expand internationally in the year ahead. This will include growth in our membership scheme and digital presence. Our ambitious programme will coincide with continuous cost discipline throughout the current financial year.”
[1] 2014 and 2015 have been restated to exclude Guardian Digital Agency (GDA). GDA was sold in July 2014.
[2] ABC March 2015. (That figure has now reached 130.9m unique monthly browsers according to the latest Digital ABC figures from June 2015.)
