Guardian improves losses marginally, despite digital growth

Despite a significant increase in digital revenues at Guardian News & Media, Guardian Media Group (GMG) has only managed to reduce overall losses by £0.3 million for the financial year ending 30 March 2015.

Digital revenues at the group’s core business increased 20% from £68.3 million in 2014 to £82.1 million, helping to reduce losses before interest, depreciation and amortisation from £19.4 million to £19.1 million, while group revenue was up 3% to £214.6 million.

GMG chair, Neil Berkett, said that while the results show that the group is on the right track to improving financial performance, there will be “continuous cost discipline” throughout the current financial year.

Since March 2014 the Guardian’s global digital audience has grown from 102.3 million to 127 million monthly unique browsers, while sales of its print edition – in line with the majority of national titles – have declined -7.6% (June ABC) to a little over 171,000 copies a day.

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Berkett added that GMG will continue to expand internationally in the year ahead – including both growth in its membership scheme and digital presence.

David Pemsel, who succeeded Andrew Miller as GMG chief executive on 1 July 2015, said: “These results give us the confidence to invest further in the world-class journalism, digital innovation and growing international readership which has made the Guardian such a powerful global brand.

“That, in turn, will help deliver long-term financial and editorial sustainability.”