Guardian Media Group Announces Strong Revenue Growth
Guardian Media Group announced yesterday double digit revenue growth, the highest level for 14 years, with digital reader revenues surpassing print reader revenues for the first time.
The results for the 12 months to 3 April 2022 showed total revenue increases from £30.3 million to £255.8 million. Digital reader revenues also increased over 10 per cent to £76.1 million and have now surpassed print reader revenues (£71.5 million) for the first time.
Keith Underwood, interim chief executive of Guardian Media Group, said: “Quality journalism, commercial innovation, and outstanding operational management across the business has given rise to a standout set of financial results.
“Strong revenue growth and our best cash performance in decades have firmly established a sustainable platform from which we can make strategic investments to grow the Guardian’s global reach, impact and revenue.
“Economic and market conditions will be challenging in the year ahead. However, with outstanding journalism, a trusted brand, and the financial resources to invest, we are well placed to continue our growth strategy.”
International revenues grew by more than 15 per cent to £79.9 million, representing more than 30 per cent of total revenues and more than 50 per cent of digital revenues.
At the end of March 2022, the Guardian had over one million recurring digital supporters and 112,000 print subscriptions. In addition, Guardian readers made 499,000 one-off financial contributions globally during the year.
Charles Gurassa, chair of the Guardian Media Group, said: “This very positive set of results represents the culmination of several years’ hard work and is thanks to the efforts and innovation of all my colleagues at the Guardian and the Observer.
“In recent years the Guardian has managed to combine remarkable journalism with an innovative and successful new business model thanks to the growing support of a global network of now over one million paying supporters and subscribers.
“Their support means the organisation can continue to invest in quality journalism, enabling broader and deeper coverage of the events that matter around the world and providing highly-trusted independent news to our global audiences.”