Guardian Media Group (GMG) report the results as follows:
- Total revenues increased by £8.6 million (3.4%) to £264.4m (2022: £255.8m)
- International revenues grew 17% to £93.2m (2022: £79.9m) and now account for 35% of revenues overall.
- Digital revenues now account for 70% total revenues (2022: 66%). Digital reader revenues grew 7.6% to £81.9m (2022: £76.1m), with over 50% coming from outside the UK, and more than one million paying supporters.
- Adjusted net operating cash outflow of £21m (2022: cash inflow £6.7m). This reflects continued planned investment in editorial teams, newsletters, podcasts and digital capabilities, including continued investment in Guardian US and Guardian Australia, to drive impact and revenue growth globally.
In 2023 GMG embarked on a new three-year strategy to further build the Guardian’s position as one of the world’s leading quality news publishers — becoming more global, more digital, with more paying supporters and producing more world-class journalism.
Guardian Media Group chief executive Anna Bateson said: “The Guardian is becoming a truly global news organisation with more than one million paying digital supporters in addition to our print subscribers and one-off contributions. In a difficult economic climate we have continued to invest in quality journalism and in our digital business capabilities to advance this strategy which has brought revenue growth and a continued rise in digital reader revenues from across the globe.
“Despite challenges across the global media industry we will continue to invest and build a platform for long term success.”
Guardian News & Media editor-in-chief Katharine Viner said: “The Guardian’s internationally-focused journalism continues to reach more readers every day with thriving editions and products across the globe. Continued support from readers around the world is real testament to the appetite for progressive journalism that is open to all, funded by many, beholden to no one”.
Guardian Media Group chair Charles Gurassa said: “Thanks to exceptional work from everyone in the organisation, The Guardian has continued to grow, strengthening its position as a leading global news publisher. It is thanks to the support of our readers that we can reach the broadest possible audiences to have access to independent, high quality journalism that is open to all.
“While the economic outlook in the UK remains challenging, we will continue to prioritise investments in journalism and our organisational capabilities to offer readers ever richer and deeper coverage, and enable more people to experience and enjoy the Guardian.”
The Guardian is owned by Guardian Media Group, which has only one shareholder - the Scott Trust. The Scott Trust Endowment Fund was set up with the purpose of generating returns to secure the long-term future of the Guardian. At 31 March 2023 the fund was valued at £1,239.8 million at (2022: £1,291.8 million).
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