The Guardian Media Group (GMG), publisher of The Guardian and The Observer, has announced annual pre-tax profits before exceptionals of £53 million; a 76% increase year on year.
As with other newspaper publishers which have reported profit gains recently, GMG attributes the increases to strong advertising growth and lower newsprint costs.
Turnover at the Group was £367 million, up from £362 million the previous year. GMG chairman Robert Gavron, said: “The new year has started well, with firm advertising markets and stable newsprint prices. Although these conditions will not continue indefinitely, we enter the new financial year with confidence.”
Guardian Media Group: 0171 239 9696
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