Guardian News & Media reports growth in digital revenue, losses narrow slightly
The UK newspaper company Guardian News & Media (GMG) today reported its earnings for its financial year which ended on March 30. The publisher of the Guardian and Observer newspapers reported that it sold £69.5 million in digital revenue last year, a 24 percent increase over the prior year. Losses narrowed a bit, with the company losing £30.6 million in 2013-14, versus a loss of £33.8 the prior year.
But GMG results were heavily restated due to its divestment of Trader Media, so while the sale added some cash to the company’s coffers, it did very little to alter the financial performance of the group.
“In the current year, we must focus relentlessly on reducing underlying operating losses at Guardian News & Media, which continues to be impacted by the volatile trading conditions and structural changes sweeping the newspaper industry,” Andrew Miller, GMG Chief Executive, said in the company’s earnings announcement.
Whilst we have strengthened our financial resources significantly with the Trader Media transaction, the Group has generated strong digital-revenue growth and broadly flat print revenue. Our underlying performance is improving amid continued cost discipline, improved audience reach and innovation in award-winning editorial products,” Neil Berkett, Chair of GMG, said.
The company reported a 12 percent growth in web traffic to its US website, as well as a doubling of revenue, though no breakout of those numbers was available. GMG also said that in March its websites had garnered 102,286,881 monthly unique users, a record level of web traffic.
The Guardian won the Pulitzer Prize for public service earlier this year for its reporting on the National Security Agency’s surveillance activities, its reporting based on the leaks of Edward Snowden.