Lara Boro, The Economist Group chief executive officer, said on 16 th June: “The mission of The Economist Group is to pursue progress and champion the independent journalism of The Economist newspaper. To be leading a business that is helping our customers make sense of a turbulent world is a privilege.
“As we continue to build a strong business, we have also been able to further our mission in important ways, including providing 65k+ students worldwide free access to our short-form app, Espresso, including AI-translations into four languages. This is just one of the initiatives we are highlighting in this year’s annual report, published today.
“I am pleased to share that in the last financial year The Economist Group delivered an operating profit of £48m, up 11% on last year, with revenue up 4% - at constant currency - to £369m (2% at actual exchange rates). Paid subscriptions to The Economist rose by 3% to a record 1.25m.
“Record subscription numbers are a tribute to the rapid embrace of innovation in the newsroom and throughout The Economist Group. Engagement is up, more customers access us through podcasts, audio, video and live events, and more organizations have taken out enterprise subscriptions for their teams.
“Our B2B businesses continue to find innovative solutions for our clients, with a fourth year of subscription growth in the EIU, as organisations sought out the best data and analysis to help them navigate volatile geopolitical and macroeconomic conditions. Economist Impact Partnerships, despite market headwinds, delivered robust results with a strong second half of the year, and Impact Events delivered another year of record revenue and strong margins.
“I want to thank everyone at the Group for their commitment to our shared purpose; our subscribers and clients for the value they place on our services; and our shareholders for their support for the business as we advance our strategy to deliver sustainable growth that ensures we can continue to offer independent journalism and insight—and champion progress—no matter how uncertain the future becomes.”
Read more about the results here.
Read the full annual report here.
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