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Almost all British-based newspaper and magazine publishers are contemplating losses or declining profits. But the Economist group, as it does on a regular basis, is telling a very different story today.
According to its results for the year ended 31 March 2011, the publisher of The Economist enjoyed another record operating profit. It was up 10% to £63m, with revenue up 9% to £347m.
Indeed, all its numbers look good. The dividend is up. Advertising increased by 15%. Print circulation grew by 4% to 1,473,939 (UK sales were up 11% to 210,204).
There has been digital success too. Since launching in November, its iPad and iPhone apps have been downloaded around 2m times. Online traffic has risen, with visits up 39% on the year before.
The group also reports that the Economist Intelligence Unit has increased revenue while its north American and Asian businesses have improved their performances.
The Economist group is a private business: 50% is owned by the Financial Times while most of the other half is owned by individuals, including members of the Rothschild family and the descendants of Giovanni Agnelli as well as some members of staff.
Source: Speed Communications PR
This article originally appeared in MediaGuardian.