Guardian Media Group publishes 23/24 accounts

The Guardian Media Group has published its financial results, showing a positive year for reader revenue growth together with investment in international, technology and product development.

The Guardian Media Group report the results as follows:

• Digital reader revenue grew by 8% to £88.2m (2023: £81.9m), with over 56% coming from outside the UK. The supporter base is at a record high with well over 1 million recurring digital supporters.
• Overall revenue was £257.8m down 2.5% (2023: £264.4), reflecting a market slowdown in advertising and sustained structural pressures on print.
• Adjusted net operating cash outflow of £36.5m. This reflects continued planned investment in Guardian US and a new Guardian Europe edition to drive international reach and impact, together with planned technology and product investment, including the launch of a new Guardian Feast cooking app.

The Guardian Media Group has an investment strategy to become more global, more digital, with more paying supporters and producing more world-class journalism.

Guardian Media Group chief executive Anna Bateson said: “An 8% growth in digital reader revenues is a significant achievement and proof that our strategy is working, against tough market conditions faced by the whole media industry. Our readers across the world continue to demonstrate their love and support for our journalism, which is at the heart of a business that is open to all, funded by many and beholden to no one.”

Guardian editor-in-chief Katharine Viner said: “It has never been more important for people and communities across the world to be able to access journalism that cuts through misinformation with authoritative, engaging, trusted reporting. We're delighted that this year we've grown the reach of Guardian journalism across our five digital editions, including through the launch of Guardian Europe to showcase original, independent journalism and cover the issues that matter most to our readers.”

The Guardian is owned by Guardian Media Group, which has only one shareholder - the Scott Trust. This structure exists to secure the financial and editorial independence of The Guardian in perpetuity and to safeguard the journalistic freedom and liberal values of The Guardian, free from commercial or political interference. The Scott Trust accounts, and chair letter can be found here.