The Guardian Media Group (GMG), publisher of the Guardian and Observer, has this morning reported a 29% jump in pre-tax profits for the twelve months to 28 March 1999 to £68.2 million. Turnover grew 5.3% to £412 million and the group invested £33 million in new computer systems and production improvements.
Lord Gavron, chairman of GMG, said the company has responded strongly to the internet’s threat to classified advertising, through the development of the Guardian Unlimited, Adhunter and Auto Trader websites. Chief executive Bob Phillis said that both the classified and display sales teams have been voted number in their markets in an independent survey of agencies and clients.
In the latest newspaper circulation audit, both the Guardian and Observer saw slight year on year declines.
Guardian Media Group: 0171 278 2332
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