Guardian Media Group’s pre-tax profits for the year ending March 30 hit £306.4 million, up from £97.7 million in 2007.
GMG said that this was due to the £334.8 million sale of its 49.9% stake in Trader Media Group to private equity firm Apax Partners in March 2007.
GMG went on to partner with Apax to buy Emap’s B2B arm. GMG said that the proceeds from the Trader Media sale will be used to invest in the company’s long-term future.
However, the sale of Trader Media saw group turnover drop to £502.1 million for the year from £716.1 million in 2007.
Guardian News & Media, the division that publishes the Guardian and Observer and guardian.co.uk, increased turnover from £245.7 million in 2006/07 to £261.9 million in 2007/08.
Restructuring and costs associated with a new headquarters in north London, increased operating losses before exceptional items and financial charges from £15.9 million to £24.9 million.
GMG Radio reported a decline in operating profit to £0.1m (2007 £3.5 milliom). Turnover was up 36.7% at £48.8 million.
Carolyn McCall, chief executive of GMG, said: “Our businesses operate in an intensely competitive, fast-changing media environment. In this context, we are very pleased with our performance and the progress we have made.”
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