Guardian Media Increases Profits By 45%

The Guardian Media Group, publishers of The Guardian, The Observer and Manchester Evening News, yesterday announced a 45% increase in interim pre-tax profits.

The increase for the period to October 1, from £11.5m to £16.7m, exceeded pre- tax profits for the last full year. Chairman, Harry Roche, said that all the company’s operations – including broadcasting, publishing and local newspapers were showing strong growth. “We are very happy to have maintained the sale of our national newspapers without having to resort ot cover price reductions”, said Mr Roche. “But we take a cautious view of the future, given the costs of competing in the market and the projected increases in newsprint costs.”