The Economist Group’s profits increase by 9% to £64m last year
The Economist Group continues to prosper, despite a 17% drop in the print advertising revenue for its UK edition of the financial magazine, with pre-tax profits rising by almost 9% year-on-year to more than £64m in the 12 months to March 31.
Total revenues for the Economist Group, which is 50% owned by Pearson, were up 4% year on year to £361.8m for the year .
In the UK, print circulation held steady at 210,384 copies and UK subscribers to digital editions "grew significantly" to more than 10,000.
Explaining the figures Nigel Ludlow, the managing director of UK operations, said that revenue from UK print readers was up 8% year- on- year and revenue from digital-only readers more than tripled.
The Economist’s global circulation peaked at 1,624,000 in March – which broke down into 1,501,000 printed copies and digital subscriptions at 123,000.
Chief executive Andrew Rashbass's total remuneration package exceeded£1m for the first time - thanks to a £470,000 bonus, taking his total remuneration to £1.05m, up 8.3% year on year.