Guardian Media Group (GMG) has published its annual report, showing that its turnover from continuing operations increased to £716.1 million for the financial year ending April 1 2007, up from £700.3 million the previous year.
GMG, which owns the
Guardian,
Observer and
Manchester Evening News and the Smooth Radio network, added that Profit before taxation from continuing operations increased to £97.7 million (2006 £66.4 million).
Paul Myners, chairman of Guardian Media Group, said: “In a difficult operating environment characterised by increasing evidence of structural change in UK media markets, GMG has been at the forefront in recognising and responding to those changes. The Group has delivered a solid financial performance in line with our expectations for the year.
“These very sound results demonstrate our resilience as a Group in the face of substantial and complex challenges to many of our businesses. It has been a year of significant growth, investment and development across the portfolio.”
Carolyn McCall, chief executive of Guardian Media Group, said: “Over the past year we have made significant changes to all our businesses in order to meet the new demands of our markets. The stability of GMG’s financial performance is testament to the success of our approach.
“The sale of a minority stake in Trader Media Group has rebalanced our portfolio and delivered a substantial return. We will actively pursue acquisition opportunities in the year ahead as we continue to reshape our business.
“The Guardian’s journalism remains at the heart of what we do, and we are committed to investing in the future of that journalism.”
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