Guardian Media Group Announces Successful Completion Of Three Year Turnaround Strategy

Guardian Media Group has announced the successful completion of its three year turnaround strategy to break even at an EBITDA operating level, with profits of £0.8 million for 2018/19.

The strategy was launched in January 2016 by editor-in-chief Katharine Viner and CEO David Pemsel with a series of aims for the business including breaking even at an operating level by 2018/19.

The publisher said the last three years had featured examples of outstanding and award-winning Guardian and Observer journalism has included a number of global and national exclusives including the Cambridge Analytica Files, the Windrush revelations and the Panama and Paradise Papers.

The Guardian’s audience has grown substantially with record number of regular readers and digital traffic. The Guardian had over 1.35 billion page views in March 2019, compared to 790 million in April 2016.

GNM has grown revenues across each of the last three years with revenue growth of three per cent to £223 million in 2018/19. Revenues are now at their highest level for a decade, GMG said.

The Guardian now has over 655,000 monthly paying supporters, across subscribers, recurring contributors and members, and an additional 300,000 one-off contributors in the last year.

Fifty-five per cent of GNM revenues are now digital, with good growth in digital advertising, digital subscriptions and reader contributions.

International revenues have doubled since 2015/16 and continue to grow at double-digit levels per year. Both Guardian US and Guardian Australia are now financially sustainable.

Guardian News and Media, editor in chief, Katharine Viner said: “In times of extraordinary political and economic upheaval the need for quality, independent reporting and commentary has never been greater. Guardian journalism is flourishing – holding the powerful to account and exploring new ideas.

“Thanks to the support of our readers and the incredible hard work and talent of Guardian staff, we have reached an important financial milestone. We are now in a sustainable position, and better able to deliver on our purpose by producing outstanding journalism that understands and illuminates our times.”

Guardian Media Group chief executive David Pemsel said: “Over the last three years we have made a huge amount of progress, and I’m exceptionally proud of how far we’ve come. Achieving these results is testament to the absolute commitment and ingenuity of everyone within the organisation. We are very grateful for the support of our readers, advertisers and partners who believe in the value of high quality media.

“GMG is now a more reader-funded, more digital, more international business. Although the significant turbulence in the global media sector shows no sign of abating any time soon, we have developed a set of core strengths which will help to ensure the Guardian’s ongoing independence and financial sustainability for the long term.”