14th July 2016

Economist profits grow

Profits at The Economist grew to more than £60M in 2015.

The title has overcome an 18% fall in print ad revenue to achieve a profit of more than £60M in 2015.

Premium print and digital subscription packages are said to be the driving force behind the increase in profits.

Pearson sold it's 50% stake in the weekly title to existing shareholders last year.

Operating profit at The Economist Group grew from £59.3M to £60.6M in the year to the end of March 2016.

Despite this, print advertising fell by 18% in 2015.

Chairman of The Economist Group, Rupert Pennant-Rea, said: “Taking a longer view, advertising revenue from print peaked in 2009 at £118m; last year it was down to £47m.

“This means we are now well over halfway through the decline in print advertising that has hammered all ‘traditional’ media companies, and we have made considerable progress in filling the gap.”

In the year to the end of March 2016, total revenues at the group grew from £324M to £331M.

Chief Executive Chris Stibbs said: “We have already seen significant progress in our circulation-marketing strategy for the Economist. Discounted copies have been largely eliminated and are being replaced by paid subscriptions. As a result, our circulation profits grew 31% year on year to record levels.”

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