Times Papers Build on Digital Progress to Deliver Profit
Times Newspapers has reported an increase in digital and print subscription revenues for the 12 months to June 2015 with a pre-tax profit of £10.9 million.
Times Newspapers reported a pre-tax profit of £10.9 million in the year to last June, against a loss of £935,000 previously, according to accounts filed at Companies House.
Operating profit was £21 million, up from £1.7 million. It is the first time the newspapers have made a pre-tax profit since 2002, The Times reported.
Revenues at the two Times newspapers held up over the year as increased digital and print subscription revenues offset lower advertising. The cost of sales fell £24 million to £213 million because of lower printing costs and cuts in marketing and editorial.
John Witherow, The Times editor, said: “Our relentless focus on quality journalism and cost management has helped us to build a sustainable model. We have revamped sections, reinvested in Scotland and continually put our readers first. Our digital revenues are now significant, which shows that subscription is working.”