The Times and The Sunday Times Post First Profit for 13 Years
Times Newspapers Ltd (TNL), which owns The Times and The Sunday Times, has delivered a profit for the first time in 13 years.
Owned by News UK, TNL has posted an operating profit of £1.7 million for year ending 30 June, as total membership across both titles increases by 10 per cent year-on-year.
The figures for October show total paid sales for The Times up year-on-year at 545,000 and The Sunday Times at 958,000. Membership accounted for 291,000 (54 per cent) and 338,000 (35 per cent) of total paid sales respectively and the growth in membership has enabled the papers to meet the challenges of a difficult advertising market.
Across both titles there has been a 10 per cent growth in membership to 390,000, as at end October, comprising 170,000 members taking our digital only product, up 12 per cent year-on-year, and 220,000 members taking a combined print and digital product, up 9 per cent year-on-year.
John Witherow, The Times editor, said: “For the last 230 years The Times has provided the highest quality journalism at a fair price, and that is why readers of all ages continue to read us every day. We have invested a huge amount of time and energy into putting the Times on a sustainable footing which is the best way to ensure we can continue to produce world-class journalism. Our agenda-setting reporting and writing and our award-winning commentators and columnists, complement a dynamic digital team dedicated to improving what we do wherever and whenever people choose to read us. The Times has a bright future.”
Martin Ivens, The Sunday Times editor said: “It has been an incredible year for The Sunday Times with our journalism having a huge impact at home and abroad whilst subscriptions steadily grow. Whether it’s great scoops like blowing the lid off FIFA’s World Cup bidding process, our Scottish referendum survey that panicked the politicians, or a new angle on the week’s stories, people turn to our team for the award-winning reporting and comment that challenge, provoke, entertain, inspire and inform them.”
Mike Darcey, News UK chief executive, said: “Our strategy of charging for our world-class journalism is working. Our approach has allowed us to invest in our titles and our people with confidence, creating an unbeatable experience for our readers and they have responded positively. We have pioneered digital subscriptions, created a solid customer base and continue to secure a sustainable future for our titles.”